Abbey NewBuy mortgage exclusive.

An Abbey NewBuy mortgage has been launched for properties built and sold by Berkeley, Barratt Homes, Persimmon and Bovis Homes.

The new mortgage range is available in conjunction with the Government NewBuy scheme, which was launched in March to help low deposit would-be home-owners climb onto the first rung of UK property ladder.

According to recent market research every £1 spent in the new build property market results in £2.84 being created in the wider UK economy. With recent disappointing GDP figures the NewBuy initiative is proving very timely.

The Abbey NewBuy mortgage range includes 3, 5 and 7 year fixed rates from between 95 per cent and 90 per cent loan to value with an arrangement fee of £99. Abbey are offering a 3 year fixed deal at a rate of 5.49 per cent, a 5 year fixed deal at a rate of 5.49 per cent and a 7 year fixed deal at a rate of 5.99 per cent.

The lender advises that all new products are offered with its Homebuyer Solution, which is a package that includes £250 cash-back and a free standard mortgage valuation designed to help borrowers cover the costs incurred when buying a property.

Miguel Sard who is Abbey's managing director commented advising that the lender is pleased to offer its support for the NewBuy scheme by launching a new range of fixed rates with small fees. He added that a strong demand for the product is expected. 

It takes on average 8 years to save a 10 per cent deposit for a home, therefore by improving access to mortgages at a 5 per cent deposit level many would-be buyers are able to bring their home-owning dreams forward.

If you are interested in a NewBuy mortgage contact Deal Direct today.