Competitive new lending criteria available to all types of landlords

Abbey has changed its lending criteria for all type of landlords, whether they are buying a buy–to-let property for the first time, looking to expand their buy-to-let portfolio or simply looking to remortgage. Abbey will now lend up to £1 million per property at 85% LTV.

It has also extended its range, maintaining very competitive rates and continuing to offer fee-free options, where there is no booking fee or valuation fee to be paid, plus £250 cash back towards legal costs. This keeps the up-front costs of taking out a mortgage very low.

Abbey also has a low minimum rental cover, requiring the minimum rental income to be 120% of the mortgage payments, which makes buy-to–let more feasible for all types of landlords.

For customers who want a very low rate on their buy-to-let mortgage, Abbey offers very competitive rates available for a fee of £999. These products are designed to offer a cheaper alternative to mortgage lenders who charge a booking fee based on a percentage of the loan amount.

Paula Ickinger, Product Executive, Mortgages and Loans said: “Our low up-front costs and flexible lending policy make it easy for landlords to enter the market and benefit from the investment opportunity. Equally, if a customer's concern is to secure a really low rate on their mortgage, we can do that too.

“With our buy-to-let mortgages, you're not just getting great, accessible deals but a level of service from our advisers in the branches and over the phone that comes with being a very established and experienced lender.” Abbey's buy-to-let mortgages are available to all landlords, through any of Abbey's 715 branches or by calling 0800 389 4154, where staff are on hand to give expert advice on the product range and guide borrowers through an application. This offers buy-to-let borrowers the option to do business direct with Abbey in the way that is most convenient for them – whether that be face-to-face or over the phone.

Highlights of the range are as follows*:

• 2 or 3 year fixed rate at 5.19%; £999 booking fee • 3 year fixed rate at 5.69%; no booking fee, free valuation and £250 cashback • 5 year fixed rate at 5.74%; no booking fee, free valuation and £250 cashback • 2 year tracker at 4.94%; £999 booking fee • 2, 3 and 5 year tracker rate at 5.64%; no booking fee, free valuation and £250 cashback • Lifetime Tracker at 5.64%; £999 booking fee

- Ends -

Notes to Editors:

• All Abbey's mortgages have a maximum LTV of 85% • All Abbey's buy-to-let mortgages have a maximum loan of £1 million. • This range will replace the current Abbey buy-to-let mortgages.

*Full product range:

• 2 year fixed rate at 5.19%; £999 fee • 2 year fixed rate at 5.69%; no fee1

• 3 year fixed rate at 5.19%; £999 fee • 3 year fixed rate at 5.74%; no fee1

• 5 year fixed rate at 5.34%; £999 fee • 5 year fixed rate at 5.74%; no fee1

• 2 year tracker rate at 4.69% (base rate plus 0.19%); £999 fee • 2 year tracker rate at 5.39% (base rate plus 0.89%); no fee1

• 3 year tracker rate at 4.89% (base rate plus 0.49%); £999 fee • 3 year tracker rate at 5.39% (base rate plus 0.89%); no fee1

• 5 year tracker rate at 5.39% (base rate plus 0.895); no fee1

• Lifetime tracker rate at 5.34% (base rate plus 84%); no fee1

¹Free valuation and £250 cashback

Competitor Comparison: (see attached)

Abbey subscribes to the Banking Code, which provides customers with additional consumer protection.

For further information please contact:

Joe Wiggins Abbey Media Relations Tel: 0207 756 4211

Morag Fleming Abbey Media Relations: Tel: 0207 756 4189