Abbey Thrives As Others Dive
May 4th, 2008 by Lianne
Shareholders in Abbey will be delighted at this week’s news that their shares have trebled in price at a time when Abbey’s rivals are suffering from the effects of the credit crunch.
Abbey has grabbed almost 1 in 6 of the new mortgages that have gone through in the first quarter of 2008. The majority of these were remortgages according to a spokeman for the bank, with new customers unable to satisfy their credit criterion in most cases.
During the housing boom, Abbey did not borrow as much on the wholesale markets as its rivals and is now reaping the rewards. Although Abbey did scrap its 100 percent loans and its buy to let mortgages, it has still been able to do some prime mortgages whilst its rivals had to stop altogether in many cases.
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