With a number of products and reduced rates on some existing products, Abbey is aiming to make life easier for first-time buyers to enter the property market.
Many of Abbey's first-time buyer mortgages come with free valuation fees and £250 cashback upon completion to help prospective homeowners with up-front costs. Other mortgages come with no booking fee or 5 per cent cashback upon completion:
90 per cent loan-to-value (LTV):
·· Two-year tracker; 5.14 per cent; no booking fee
·· Five-year tracker; 5.19 per cent; no booking fee
·· Five-year tracker; 5.09 per cent; £499 fee
·· Five-year fixed; 5.59 per cent; £499 fee
95 per cent (LTV):
·· Three-year stepped tracker; 3.99 per cent/ 4.89 per cent/ 5.79 per cent; £499 fee
·· Five-year, 5 per cent cashback tracker; 6.29 per cent; no booking fee
97 per cent LTV:
·· Two-year tracker; 4.99 per cent; £499 fee
·· Two-year tracker; 5.24 per cent; £499 fee
·· Three-year tracker; 5.43 per cent; no booking fee
·· Five-year fixed; 5.79 per cent; £499 fee
·· Five-year fixed; 5.89 per cent; £499 fee
·· Five-year fixed; 5.99 per cent; no booking fee
Free valuation fees and £250 cashback upon completion are available on all mortgages apart from the two-year fixed rate at 4.99 per cent and the five-year fixed rate at 5.79 per cent.
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, what 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. Prospective homeowners with limited deposits can also benefit from our 97 per cent loan-to-value range."
