Huge rise in number of cheap five-year fixed-rate mortgages
Major mortgage lender Abbey has pulled tracker mortgages for those borrowers with less than a 25 per cent deposit . Those homebuyers with under this level of equity now won�t be able to get a tracker loan from Abbey .
The decision goes against Government urging for mortgage lenders to help home owners by keeping rates low and making mortgages accessible. Tracker mortgages move up and down in line with base interest rates .
Melanie Bien of mortgage broker Savills Private Finance reportedly commented: It is disappointing especially for those remortgaging because the fall in house prices may mean they won't have that level of equity in their homes. And most first-time buyers won't have that big a deposit. Despite difficult market conditions, Abbey has continued to provide competitive mortgage deals for all our customers across our range and continues to do so.
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