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Financial Adviser, November, 2007
Mortgages
TRACKER
Abbey
Type: Five-year tracker
Description: The Abbey is offering a five-year tracker mortgage at the Bank of England base rate plus 1.54 per cent, currently 7.29 per cent, with a five per cent cashback on completion.
Conditions: The overall cost for comparison is 7.9 per cent APR. There is a requirement to repay the cashback on early repayment of the loan within the incentive period. There is a free valuation and no arrangement fee.
Contact: www.abbey.com
VERDICT:
A five percent cashback together with the 95 per cent LTV means that this product is effectively a 100 per cent product. The free valuation and no arrangement fee will help get first time buyers onto the ladder....
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