UK Money News
22nd April 2008
Abbey pulls buy to let mortgages
Abbey has dealt a blow to landlords with the news that it is withdrawing all but one of its buy to let mortgage products.
The firm will now only be offering its two-year tracker with a maximum loan to value of 75 per cent and a rate of 6.15 per cent.
Abbey stressed that the move was only temporary and that the decision to withdraw the products would allow it to concentrate on its residential mortgage business.
Melanie Bien, director of Savills Private Finance, the broker, told the Times: "Even if this is only a temporary move [by Abbey], fewer products on the market makes it difficult for landlords coming up to remortgage or looking for a new deal, and puts further pressure on those lenders who are still in the market. In the short term at least, rates may well continue to edge higher."
News of the move follows Halifax's decision to raise rates on comparable buy to let products by 0.5 per cent.
Abbey has also confirmed that it will now require 25 per cent deposits from buyers in order to be eligible for the best deals.
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