Mortgage Advice for First Time Buyers, First Time Buyer Mortgages and First Mortgage Advice

Abbey re-launches first time buyer mortgage range

30-Aug-2006

Many of the mortgages in Abbey's new range for first time buyers, incorporates a free valuation fee with £250 cashback upon completion or no booking fee and five per cent cashback.

"We understand that each first time buyer is different, in terms of their budget, what type of rate they want and what emphasis they place on up-front fees versus monthly costs," said Jeff Scott, head of mortgages at Abbey.

Up to a LTV of 90 per cent, Abbey offers a range of two or five-year tracker mortgages, with interest rates ranging from 5.14 to 5.59 per cent; the 5.09 and 5.59 per cent five-year tracker options carry a £499 booking fee.

For mortgages with a LTV up to 95 per cent, Abbey offers a three-year stepped tracker at 3.99, 4.89 and 5.79 per cent, with a £499 booking fee; five-year tracker options are also available.

Abbey also offers a range of mortgages for clients looking for a LTV of up to 97 per cent.

In addition to mortgages, Abbey also offers a range of current accounts, savings and investment products.

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Interest rates are low but could rise? Is this a good time to buy?

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Varialbe rate mortgages go up if bank interest rates do. Which is your preference?

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Interest only mortgages are cheaper but in the end you don't end up owning the property. Which is better?

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Shared equity mortgages allow you to buy a new home with 5% deposit and an equity loan through FirstBuy. What do you think?

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Rent to buy allows you to peg a property price, save towards a deposit and pay reduced rent. What do you think?

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