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Abbey launches 97% LTV mortgage

Abbey has launched two deals with a maximum LTV of 97% aimed to help first-time buyers get a foot on the property ladder.

Both products, a two-year tracker from 4.74% and a five-year fixed rate from 5.34%, offer the option of free valuation and 250 cashback.

Lal Tawney, head of mortgage marketing at Abbey, says: “One of the biggest challenges facing first-time buyers is raising a deposit for their first property, with the average standing at around 16,000 compared to just 5,500 five years ago.

“With this in mind, Abbey has eased the pressure on first-time buyers by requiring a deposit of just 3%, which we feel offers more security than a 100% mortgage and more flexibility than a standard 95% mortgage.

“For an average first-time buyer property of around 160,000, this would mean a difference of 3,200, which is a significant amount, even if you are saving with a partner or friend.”

Abbeys 97% mortgages are available from November 23.


IFAP ends corporate schemes with Yellow Pages and Thomson’s local directories

IFA Promotion is ceasing to run its corporate schemes with Yellow Pages and Thomsons local directories from December 2005, and will continue to shift its marketing focus online. Online requests for details of local IFAs have soared to outnumber traditional referral sources four-fold.IFAP members can still advertise in these directories in their own right but […]


MBBG figures show rise in mortgage lending

Latest figures for October 2005 from the Major British Banking Groups show that net mortgage lending in October rose by an underlying 4.3bn. This was lower both than Septembers rise of +4.7bn and the average of +4.4bn over the previous six months. Underlying growth in overall unsecured personal lending was higher than both September and […]

Freedom adds BIA to its distribution panel

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