Mortgages Uncovered

Brokers can no longer get the Abbey range of buy to let mortgages as they have withdrawn them and are only offering them direct.  The buy to let range left is a two year fixed rate mortgage and a two year tracker mortgage deal, both of which require a minimum of 15 percent deposit.  All other buy to let mortgages have been withdrawn.

Abbey has said:

“We are still maintaining a BTL option although this is through the direct channel only. The temporary withdrawal in the intermediary channel is to ensure we maintain high service levels on our core residential lending. It also reflects the demand we expect to see going forward as the buy to let sector contracts. We must stress that this is likely to be temporary and we expect to relaunch into the BTL market with an attractive range and, importantly, an improved proposition when market conditions allow.”

The new range of Abbey mortgages has been simplified somewhat.  There are no legal fees, valuation fees or booking fees.  This new range includes a two year and five year fixed rates mortgages and a two year tracker and require at least 5 percent if not 10 percent deposit.  If you can put down a 20 percent deposit or higher, customers get a better interest rate.