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Abbey gives FTBs relief

29 August 2006
One of the leading high street mortgage lenders, Abbey, is to re-launch its range of mortgages aimed at first-time buyers tomorrow (August 30th).

Following recent media spotlighting of how difficult life has become for FTBs in today's property market, with house prices far out-stripping wage growth or inflation, Abbey's announcement will be a welcome relief for many stuck in a property predicament.

Recent analysis of the property marketplace for FTBs shows that many are struggling to afford to buy a home and frequently must turn to their parents for financial help or burden themselves with unrealistically high debts.

"First-time buyers have a tough time and things aren't getting any easier for them," said Jeff Scott, head of mortgages.

"At Abbey, we understand that each first-time buyer is different, in terms of their budget, what type of rate they want and what emphasis they place on up-front fees versus monthly costs."

One of Abbey's more attractive offerings in the launch is a 97 per cent loan-to-value two-year tracker mortgage at 4.99 per cent, although the product comes with a £499 fee attached.

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