Mortgages which reduce costs
Wednesday, 27 Feb 2008 12:56
Abbey is flagging up its range of mortgages which allow up to five people to share the loan amount.
The mortgage lender is also highlighting products which come with free valuation, money towards legal costs and mortgages which require lower deposits.
The products are particularly pertinent, it said, following new research by the firm which reveals increasing numbers of homebuyers are receiving cash injections from their parents to help them make purchases.
Abbey's research shows 4.6 million Brits give their children an average of £5,874 to buy a home and spend an average of 18 hours helping them choose a house or flat.
Many people look to their parents to borrow money to help pay for a house, Abbey discovered, with the average loan to mums and dads standing at £19,619.
Nici Audhlam-Gardiner, head of mortgages at Abbey, said a generation was emerging where house buying was becoming more daunting and guidance was needed.
She added: "At Abbey Mortgages, we offer advice on a range of deals for first-time buyer mortgages to help take some of the stress out of buying a first home.
"We offer mortgages with free valuation and money towards legal costs, as well as mortgages requiring lower deposits, which help with the up-front costs of buying a home. We can also offer opportunity to share the mortgage loan with four other people."