Low fee mortgages from Abbey for those with sizeable deposits

September 7, 2008

Over recent months a number of lenders in the UK have increased the mortgage arrangement fees on their mortgage products, and this has seriously affected the ability of many people to afford to take out a mortgage, particularly in the current difficult financial climate. However, the good news for those with a pretty sizeable deposit is that the Spanish owned High Street bank, Abbey, has recently announced the launch of a low fee mortgage range.

Starting from the beginning of September eligible applicants will be able to consider taking on a mortgage with Abbey and paying just £499 by way of arrangement fee. However, in order to qualify for the low fee mortgage range you will need to be borrowing up to £250,000. In addition to this the offer is only being made available to those that are borrowing up to 60% of the value of the home, which means that eligible applicants will need to put down 40% by way of deposit.

The new low fee range of mortgages will include a two year tracker at 5.94%, a two year fixed at 5.79%, and a three year fixed at 5.84%.

Like a number of other mortgage lenders, Abbey has also announced that it will be cutting the interest rates on some of its other mortgages products as well. The rates on its two and three year fixed rate deals are to fall for customers with a deposit of at least 30%.

A spokesperson for Abbey stated: “Abbey is committed to offering a choice of mortgages so our customers can choose the most suitable deal for their needs. The new low fee options coming into the range on Monday suit people remortgaging. They will be great for people who have plenty of equity in their property and want a really competitive deal, whilst looking to keep remortgage costs to a minimum.”

Recent Additions:

  • Increased stability for mortgage product numbers on market
    • Since last summer when the global credit crunch swept across the UK the number of mortgage products available on the market has plummeted, with many lenders having to take a wide range of products off
  • New service launched for consumers looking for mortgage advice
    • In the current financial climate many people that are looking to take out a mortgage are also looking for quality financial advice from an experience, qualified, and trained industry officials to help them avoid making
  • Loss of sleep for estate agents
    • The state of the mortgage and housing market has been in steady decline in the UK for a number of months. The number of mortgages and the availability of mortgages has dropped dramatically over the
  • Abbey cuts its mortgage rates
    • Mortgage lending giant Abbey, the High Street bank that is Spanish owned, has recently cut the interest rates on some of its mortgage products. Like a number of other lenders Abbey has been able to
  • Offers on properties being dropped just prior to exchange
    • A recent report has highlighted a problem that many homeowners are now experiencing, with the housing market having swung abruptly from a sellers market to a buyers market. Many homeowners are now experiencing difficulties in

Posted by admin | Filed Under Mortgages 

Comments

Got something to say?