|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |    25th of February 2018
|   Banking  |   Insurance  |   Property  |   Mortgages  |   Economy  |   Investments  |   Credit Cards  |   Debt  |   Loans  |   Pensions  |   Companies  |  

Mortgage News feed Mortgage News

All Financial News feed All Financial News




A&L tempts first-time buyers with a 15% deposit

Bookmark and Share

by Gill Montia
A&L tempts first-time buyers with a 15% deposit

Alliance & Leicester (A&L) has launched a new mortgage aimed at first-time buyers with a 15% deposit.

The three-year fix, which is fee free, comes with a maximum loan-to-value ratio of 85%, an interest rate of 5.99%, a maximum loan size of £250,000 and a free valuation.

Latest figures from the Council of Mortgage Lenders (CML) show first-time buyer purchases at a mere 12,500 in March and A&L estimates that 1.8 million potential first-time buyers, with a suitably sized deposit, are waiting in the wings.

In addition to the A&L mortgage offer, first-time buyers can currently benefit from the lowest debt servicing costs since 2004, with monthly interest payments equating to an average 15.1% of income, according to the CML.

Meanwhile, Abbey, which is related to A&L via the Santander group, has announced that it is increasing loan-to-value ratios on its range of fixed-rate mortgages, from 60% to 70%.

The move, by the UK’s second-largest mortgage lender, comes as a breath of fresh air after months in which lending criteria have tightened.

Discuss this in the Finance Markets forums

Story link: A&L tempts first-time buyers with a 15% deposit



News posted: May 14, 2009

Financial Services:





Related financial stories to: A&L tempts first-time buyers with a 15% deposit:
Previous: «
Next: »

Visited 3606 times, 1 so far today

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.

Tags: , , ,