UK-based Abbey, part of the Santander Group, has announced that it will launch a four-year fix at 5.84% exclusively for first-time buyers, available up to 85% loan-to-value and with a fee of GBP495, on April 3, 2009.
The new product comes with Abbey’s Homebuyer Solution which offers a free valuation and GBP250 cashback on completion, said Abbey.
Abbey is also launching a new three-year fix at 4.14% for homebuyers, available up to 60% loan-to-value (LTV) and with a fee of GBP995. The product also offers the Homebuyer Solution.
The company is also reducing the fee on its two-year tracker at 3.49% by GBP500, from GBP1,495 to GBP995. The product is available up to 75% LTV to both homebuyers and remortgagers.
Nici Audhlam-Gardiner, director of mortgages at Abbey, said: We are committed to meeting the needs of first-time buyers in today’s difficult market conditions which is why our new first-time buyer mortgage has been designed to offer the security of a competitive longer-term fix alongside a low fee. The product also offers our Homebuyer Solution, removing some of the additional costs associated in buying a home.
