| CATEGORY: NEWS AND ANNOUNCEMENTS |
Last of the 100% mortgages withdrawn |
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Mon 07 Apr 2008
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LONDON (SHARECAST) - Abbey, the mortgage lender owned by Spanish banking group Santander, has joined its peers in withdrawing 100% mortgage from its product line.
The high street lender said it would increase its mortgage rates and simplify its range of mortgages in order to “maintain high service levels on the business it writes.”
From 9 April Abbey will require a minimum 5% deposit on its range of mortgages.
The mortgage lender was the last of the big hitters to still be offering a 100% mortgage, although Bank of Ireland unit Bristol & West is still offering a 100% deal which involves parents underwriting their children who take out the mortgage.
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