In the face of rising house price inflation and interest rate hikes, the number of homebuyers opting...
In the face of rising house price inflation and interest rate hikes, the number of homebuyers opting for a 100% mortgage rose by 21% last year*.
Many homebuyers find it almost impossible to save towards a deposit and increasingly 100% mortgages are often the only way to get on the housing ladder.
To make the transition onto, and up the property ladder as simple as possible for your clients – and to make your life as easy as possible, Abbey has introduced 100% LTV mortgages.
With our existing lending criteria still in place, the focus is on providing a simple, straightforward and easy to understand product.
For a start, one of the key selling points to your clients in this market is that there’s no higher lending charge. And, once made aware of the benefits, first time buyers are likely to be more comfortable with their mortgage being entirely secured, rather than in part, so this is what Abbey has included in its product. All reasons why we believe this mortgage will be easy to understand and ultimately easy to sell.
Abbey will also lend your clients more. They can now borrow up to £500k, and up to 5 times their income, subject to credit status and assessment of their affordability. Another way to give them the flexibility they need to find the right home for them.
And our exceptional mortgage rates are backed by Abbey’s award-winning service.
Our 11 regional offices provide you with a local, personalised service. These 60 nationwide sales teams include consultants, underwriters and administration staff so you get a personal service from someone you know, right on your doorstep.
We have also invested in the latest technology to save you more time. You can get faster decisions online both at Agreement in Principle and Full Mortgage Application stages. Plus our Mortgage Application Tracking System will keep you up-to-date on the progress of your applications, via daily email updates.
And when your client actually comes to move home or switch their mortgage our Homebuyer Solution offers some genuine savings to pass on them.
There are no valuation fees on properties valued up to £2.5m**, no legal fees (or £250) and no booking fees so we can save your client having to find more money at the start of the move.
For more information on our new 100% LTV mortgages visit www.abbeyforintermediaries.com/mortgages or contact your Abbey for Intermediaries sales consultant.
* Mortgage Advice Bureau, March 2007
**Free valuation available on properties valued up to £2.5m. An early repayment charge applies if the mortgage is
