Abbey steps into the 100 per cent mortgage industry

08/06/2007

Abbey are launching a 100 per cent mortgage product onto the market.

Abbey’s new mortgage deal has a maximum loan-to-value of £500,000 and requires no down payments. There are no lending charges and the range varies from 2, 3 and 5 years. This new deal is an advantage for first-time buyers who do not have large sums of cash to place down as a deposit.

Ricky Okey, Abbey managing director says: “With the average age of a first time buyer pushing 34 years old, we know that many people are increasingly frustrated at their inability to get on the property ladder.

Through no fault of their own, many first time buyers have not been able to save for a deposit, but are very reluctant to keep paying rent, which they feel is just wasted money. Likewise, divorcees can often find themselves starting out again financially.”

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