Assessments will be based on affordability and it will be made available through independent financial advisors and the Abbey's retail network. The maximum loan to value is £500,000 and it requires no deposit. There is no higher lending charge and it comes in the form of two, three and five-year products.
"With the average age of a first time buyer pushing 34-years-old, we know that many people are increasingly frustrated at their inability to get on the property ladder," Ricky Okey, managing director at Abbey for Intermediaries, said.
"Through no fault of their own, many first time buyers have not been able to save for a deposit, but are very reluctant to keep paying rent, which they feel is just wasted money. Likewise, divorcees can often find themselves starting out again financially.
"We wanted to develop a product which helps people who are struggling to get onto the housing ladder. Given that the average price of a house in the UK is now well above the £200,000 mark, it was important to us that we offer people the opportunity to take out a sufficient size loan without demanding a deposit."
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