New best-buy mortgage from Abbey

Date:Tuesday 17th November 2009
Author: Max Freedman

Abbey has released a new best-buy mortgage to complement the products it already has on offer.

The new loan, available from both Abbey and Alliance and Leicester branches or over the phone, is a 3.69 per cent two-year fixed rate tracker, with a £799 fee for purchase. It is offered with a loan-to-value of up to 70 per cent.

Last week, Abbey lowered its mortgage rates for customers who have held a current account with the bank for the past six months.

In addition, these newly-reduced mortgages have no booking fees when taken out in a branch or over the phone, giving the customer a saving of up to £995.

Recently, the lender had estimated that first-time buyers could save a collective £1 billion in the next year by joining the property ladder and paying off a mortgage rather than shelling out for rent.

Nici Audhlam-Gardiner, director of mortgages at the provider, said Abbey has remained strong in the market throughout the year and in the third quarter achieved an estimated 20.5 percent gross of the market share.