Abbey’s 90 per cent LTV range includes a two-year tracker at 5.14 per cent and a five-year tracker, at 5.19 per cent, both with no booking fee. A five-year tracker at 5.09 per cent and a five-year fixed rate product, at 5.59 per cent are also available, both with a £499 fee.
As part of its 95 per cent LTV range, Abbey has launched a three-year stepped tracker mortgage, available at the initial rate of 3.99 per cent, with a £499 fee, while a five-year, 5 per cent cashback tracker at 6.29 per cent has also been launched.
The lender’s 97 per cent LTV range includes two-year tracker products at 4.99 and 5.24 per cent, a three-year tracker at 5.43 per cent, with no booking fee and three five-year fixed rate products available from 5.79 per cent.
Abbey confirmed the products would include free valuation fees and £250 cashback upon completion on the majority of its enhanced FTB range.
Commenting on the launch, Jeff Scott, head of mortgages at Abbey, said: “First-time buyers have a tough time and things aren’t getting any easier for them. At Abbey, we understand that each first-time buyer is different, in terms of their budget, the type of rate they want and what emphasis they place on up-front fees versus monthly costs. This is why we have launched a wide range of options including mortgages with no fees or cashback upon completion.”
Peter O’Donovan, mortgage manager at Bestinvest, said: “I don’t think these rates are particularly attractive. It will attract the interest of first-time buyers who are not looking at the whole of the market, but there are deals available to all of the market, including first-time buyers, for lower rates than Abbey is offering.”
