Abbey claims to offer “relief” to FTBs

Mortgage provider Abbey has launched a range of new products which it claims will “make life easier” for FTBs who want to enter the property market.

The lender has a range of offers at 90 per cent loan-to-value, including a two-year tracker at 5.14 per cent with no booking fee, a five-year tracker at 5.09 per cent with a £499 fee and a five-year fixed option at 5.59 per cent with a £499 fee.

Products are also available at 95 per cent LTV, with a three-year stepped tracker mortgage with rate of 3.99, 4.89 and 5.79 per cent in each year and a fee of £499.

A five-year, five per cent cashback tracker is also on offer, with an interest level of 6.29 per cent and no booking fee. This package does, however, incorporate a five per cent cash sum to be paid on completion.

For customers who want loans to cover the majority of the cost of their home, a range of 97 per cent LTV options has been introduced, with tracker and fixed mortgages covering terms of two, three and five years.

Jeff Scott, Abbey’s head of mortgages, said: “First-time buyers have a tough time and things aren’t getting any easier for them

“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.”

All mortgages except for the two-year fixed-rate at 4.99 per cent and the five-year fixed-rate at 5.79 per cent offer free valuation fees and £250 cashback upon completion.