Abbey enters buy to let intermediary market

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Abbey has announced it is to offer buy to let mortgages to the intermediary market from November 13th.

Following a trial with selected brokers, Abbey said it is to widen its offering of buy to let mortgages to make them available to the whole market.

Ricky Okey, managing director of Abbey for Intermediaries, said: "The trial has been a great success and has proved very popular with the brokers that took part."

"We have taken on board their feedback and are launching a competitive set of buy to let products," he added.

Buy to let borrowers will now be able to take mortgages up to 85 per cent of the property price with a £1 million maximum and a £5 million limit to their entire portfolio.

The new development follows changes to Abbeys mortgages at the end of October which included an increase in the maximum percentage of the property price which the bank will lend.

Abbey says it is the ninth largest bank in the world and offers a "fresh and uncomplicated approach" to banking.

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