Abbey mortgage help for first time buyers

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Abbey has relaunched its mortgage portfolio to entice more first time buyers.

The high-street bank has introduced packages up to 97 per cent of the house price, with deals up to five-times the borrowers salary and offering up to five per cent cashback.

Nici Audham Gardiner, Abbeys mortgage product executive, said: "Our research shows that 12 per cent of non-homeowners believe that they would be on the property ladder if they could just find the right mortgage.

"We have made changes to our Abbey mortgage proposition to help more people, especially first time buyers, purchase the home they want."

Research conducted by the bank found up to 15 per cent of first time buyers did not know where to start the house-buying process, with a similar number saying they "did not have the time" to buy a house.

Features of the new range include maximum lending being linked to the customers credit rating rather than to the loan-to-value ratio of the property, with high-scoring applicants able to take a joint mortgage with the same income multiples.

Abbey encourages its customers to change their mortgage "for the last time" as it believes its deals remain market-leading over the long-term.

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