Lender reacts as mortgage market diversifies

Diversifying consumer demand has led a major mortgage lender to offer several new mortage deals.

Abbey has launched a new product for those daring enough to build their own home and also added motgage deals aimed at those looking for long term security.

Its ‘new build’ products are a two-year tracker mortgage and a two-year fixed-rate version, both with a rate of 4.69 per cent.

Lal Tawney, Abbey’s head of mortgages, said: “New build is an area that Abbey is taking an increasingly active interest in and we have launched two new mortgages for borrowers in this market.

“The completion deadline on our fixed-rate mortgage is 12 months, to reflect the fact that buying a new build property can sometimes take longer than buying a re-sale property.

“The two-year tracker and the two-year fixed are both available at 4.69 per cent with a minimum deposit of ten per cent.”

A new ten-year fixed-rate mortgage offering was also launched with a rate of 4.99 per cent.

Ms Tawney explained: “An increasing number of customers want the certainty of longer term deals, with rates close to those on offer for shorter-term deals.”

© Adfero Ltd

Leave a Reply

Your email address will not be published. Required fields are marked *