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Tuesday 8th April 2008
Homebuyers without deposits will no longer be able to take out 100 per cent mortgages, with the news that Abbey is to withdraw its range.
Abbey had been the last of the UK's mainstream lenders to offer 100 per cent deals, which had provided a lifeline to first time buyers unable to raise punitively high deposits.
The move was announced by a spokesperson for Abbey who told the Daily Mail that the deals will be pulled from Thursday this week.
She said: "We are withdrawing our 100 per cent loan to value mortgage until further notice.
"This is normal given the current market conditions and is in line with recent moves by other lenders."
Abbey will now demand a deposit of at least five per cent from first time buyers.
This would equate to an average sum of £9,300 on the basis of figures from the Land Registry which peg the average house price at £186,000."
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