Abbey unveils products for new-build borrowers

Abbey has launched three mortgage products for new-build borrowers.

As the number and value of new-build properties continues to rise with an estimated 180,000 new houses being built in 2003 at an average loan size of £136,850, abbey has launched three mortgages for those buying in this sector.

A three-year variable rate tracker available for loans up to £1m, with no booking or arrangement fees to pay and no completion deadlines, is available for new-build properties and customers who want the reassurance of reduced payments in the early years.

Jan Errington, group marketing manager at Abbey for Intermediaries, says: “These mortgages have been tailored to meet the needs of people buying a new-build home.

“In addition to reduced payments over the first three years homebuyers benefit from no completion deadlines and can also take advantage of the cashback and free valuation offers available on some of the products in our new-build range.”

• Home Condition Reports have worked successfully in Denmark for six years, says Palle Ulstrup, CEO of the Danish Association of Chartered Estate Agents.

He was addressing a gathering of surveyors, estate agents and future home inspectors at the first SAVA Conference held at Warwick University.