UK Money News
8th April 2008
Abbey withdraws 100% mortgages
Abbey is to withdraw its 100 per cent mortgage range, it has been confirmed.
The lender had been the last of the UK's mainstream mortgage providers to offer the deals, following the withdrawal of similar products by rival lenders.
A spokesperson from Abbey told the Daily Mail: "We are withdrawing our 100 per cent loan to value mortgage until further notice.
"This is normal given the current market conditions and is in line with recent moves by other lenders."
The announcement means that in just over a year the range of 100 per cent mortgages on offer to homebuyers has shrunk from 158 to zero, according to data from Moneyfacts.
Commenting on the move, Ray Boulger of mortgage broker John Charcol, said that the move will effectively exile first time buyers without deposits from the housing market.
He added: "Abbey's decision is significant. From Thursday, if you haven't saved up for a deposit, or if you haven't got parental support, it will be impossible to get on the housing ladder."
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