Abbey launches new 90% LTV mortgage

Friday, 27 November 2009 12:00

Abbey and Alliance and Leicester are targeting first-time buyers with their latest mortgage for borrowers with a ten per cent deposit.

The three-year fixed-rate deal, which has a rate of 5.99 per cent and a £495 fee, comes with a free valuation and £250 cash back on completion.

It's available for customers who need to borrow up to 90 per cent of their property's value - those who would like to get a foot on the property ladder.

And it comes as the banks unveil price cuts to their two-year purchase and remortgage tracker deals, which have been reduced by up to 0.3 per cent.

At the same time Abbey and Alliance and Leicester have also launched of a two-year fixed-rate deal with a 4.18 per cent rate.

Nici Audhlam-Gardiner, director of mortgages at the banks, said: "The latest reduction in rates is yet more good news for borrowers.

"With speculation the Bank of England base rate might stay put for a while longer, trackers are back in favour and to help those looking for a tracker we have reduced rates."

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