Monday 24th April 2006
First-time buyers could benefit from new mortgage deals offered by Abbey.
New fixed and tracker deals and larger loans have been announced by the bank that provide a variety of different rates and options for those looking for a mortgage.
As part of the package of new deals, the maximum loan for first-time buyer mortgages at 97 per cent loan-to-value has been increased to £250,000.
"This is a popular time of year to move house and spring-clean finances, which can be a daunting challenge," commented Abbeys head of mortgages, Lal Tawney.
"Our new five year fixed rate will be very tempting for anyone who wants the stability of fixed monthly payments combined with reduced upfront costs. Alternatively, if borrowers require longer-term peace of mind, they could opt for a seven-year fixed rate for the same price as our five-year deal," Mr Tawney added.
According to the Halifax, first-time buyers are most at need of mortgage advice and are encouraged to use internet comparison sites and to seek expert assistance to establish which loan is most suitable.
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