Abbey five-year fixed-rate mortgage launched

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Abbey five-year fixed-rate mortgage launched

Abbey has announced it is launching two new mortgage deals aimed at first time buyers.

The Abbey five-year fixed-rate mortgage comes with a rate of 5.34 per cent.

Meanwhile, a two-year tracker mortgage is also available and comes with a rate of 4.74 per cent.

Both mortgages offer up to 97 per cent loan to value (LTV) and customers receive a free valuation and £250 cashback.

Lal Tawney, head of mortgage marketing at Abbey, believes the mortgages are great for first time buyers as they offer more security than a 100 per cent LTV option.

“One of the biggest challenges facing first time buyers is raising a deposit for their first property, with the average standing at around £16,000 compared to just £5,500 five years ago.”

The mortgages are available from November 23rd.

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