Abbey mortgages 'to help first-time buyers'

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Abbey mortgages 'to help first-time buyers'

Abbey mortgages could make life easier for first-time buyers, the lender claims, thanks to a new range of products tailored specifically to meet the needs of those struggling to get a foot on the property ladder.

According to the bank's research, 17.3 million people are unable to purchase a first property in Britain. This is hardly surprising considering Halifax figures show that house prices have almost tripled over the last decade.

Abbey's research reveals that for some 7.4 million Brits house prices are just too high, while 6.9 million cannot afford the deposit. A further 2.1 million say they cannot find the right mortgage to suit their needs and cannot therefore get on the property ladder.

In response, Abbey is relaunching its mortgage lending proposition to maker it easier for first-time buyers to get the property and the mortgage they really want. It has introduced an exclusive First Time Buyer product range that aims to cut the costs associated with buying a first property.

These Abbey mortgages include a five per cent cash back deal, a mortgage that offers help with up-front costs and mortgages for customers with as little as three per cent deposit.

Nici Audham Gardiner, mortgage product executive at Abbey, said: "Strangely, despite hundreds of mortgages available to buyers, our research shows that 12 per cent of non-homeowners believe that they would be on the property ladder if they could just find the right mortgage.

"We have made changes to our Abbey mortgage proposition to help more people, especially first time buyers, purchase the home they want."

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