Abbey offers a range of different mortgages for first time buyers or anyone looking to move home. Existing customers and those wishing to take advantage of better rates can apply to the Abbey for a mortgage.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
The Abbey National Building Society was formed in 1944 after the merger of two smaller building societies. It grew into a very successful financial institution and was incorporated in 1988, before being bought by Banco Santander S.A. in 2004. In 2010, Abbey National, along with Bradford & Bingley and the Leicester Building Society, were re-branded as Santander UK.
There are four different Abbey mortgages on offer: fixed rate mortgages, tracker rate mortgages, lifetime tracker mortgages and flexible offset mortgages. Each has their own pros and cons, so customers are advised to take advice before choosing one product over another.
Fixed rate Abbey mortgages let customers enjoy a fixed rate for between two and five years. Abbey allows up to 10% of the mortgage balance to be repaid in any twelve month period (the repayment must be a minimum of £500).
Tracker rate mortgages from Abbey track the Bank of England base rate for up to three years before the mortgage switches back to the standard variable rate. Again, up to 10% of the outstanding balance may be repaid without incurring an early repayment charge.
Lifetime tracker rate Abbey mortgages track the Bank of England base rate for the lifetime of the mortgage. Unlimited overpayments can be made free of charge.
Abbey flexible offset mortgages allow customers to link their savings to a mortgage account and only pay interest on the difference.
Abbey mortgage rate deals vary from month to month. They also have special deals from time to time for new and existing customers, including benefits packages where legal fees are paid and a standard property valuation is included.
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