Abbey slashes mortgage rates

12-Sep-2008

A glimmer of hope has perhaps been given to first-time buyers (FTBs) today as Abbey cuts its mortgage prices.

For customers with smaller deposits, rates will be cut by 0.6 per cent along with the introduction of five new deals.

The deal will be applicable for FTBs putting down a deposit of 15 per cent, a move which the BBC says is welcomed by Aaron Strutt of mortgage brokers Chase De Vere.

"Abbey cut the majority of their mortgages over 75 per cent loan-to-value in June," he tells the news provider.

"The remaining deals were not a viable option for thousands of their borrowers with smaller deposits."

Since the credit crunch began, Abbey had effectively closed its doors to any borrowers with deposits of less than 25 per cent, which encompasses the vast majority of FTBs.

Abbey was taken over by the Spanish Santander group - the seventh largest bank in the world by profit - in 2004.

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