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Loans Latest News Abbey increases the the amount it will lend on mortgages to 5 times income Abbey increases the the amount it will lend on mortgages to 5 times income
The move, aimed at first-time buyers, comes with the proviso that individuals or couples put down a minimum 25% deposit and have an income in excess of £50,000.
The bank makes the point that it will look at individual borrowers' credit scores and ability to repay the loan when deciding how much it will lend, however.
Abbey's mortgage lending criteria haven't changed substantially since the early 1990 when interest rates peaked at 15% and affordability issues were significant. However, the bank says it's now sensible to review income multiples in light of the current climate of low interest rates and higher house prices. Other major lenders may start doing similar reviews if they haven't already.
Top 5 Personal Loans
|
Loan |
Representative APR |
Min Loan |
Max Loan |
Min Term |
Max Term |
Apply |
|---|---|---|---|---|---|---|
| View Full Table > | ||||||
 |
6.8%
|
£7,500
|
£14,999
|
1 Year
|
5 Years
|
|
| Representative Example: £7500 borrowed over a period of 5 years at 6.8% (fixed) equals monthly repayments of £148 and a total amount repayable of £8,868. There are no other charges included in the total charge for credit. | ||||||
 |
8.2%
|
£5,000
|
£7,499
|
1 Year
|
7 Years
|
|
| Representative Example: £5000 borrowed over a period of 5 years at 8.2% (fixed) equals monthly repayments of £102 and a total amount repayable of £6,112. There are no other charges included in the total charge for credit. | ||||||
 |
6.1%
|
£7,500
|
£14,999
|
1 Year
|
10 Years
|
|
| Representative Example: £7500 borrowed over a period of 5 years at 6.1% (fixed) equals monthly repayments of £145 and a total amount repayable of £8,721. There are no other charges included in the total charge for credit. | ||||||
|
|
8.1%
|
£15,001
|
£25,000
|
1 Year
|
7 Years
|
|
| Representative Example: £15001 borrowed over a period of 5 years at 8.1% (fixed) equals monthly repayments of £305 and a total amount repayable of £18,293. There are no other charges included in the total charge for credit. | ||||||
|
|
6.1%
|
£7,500
|
£15,000
|
1 Year
|
7 Years
|
|
| Representative Example: £7500 borrowed over a period of 5 years at 6.1% (fixed) equals monthly repayments of £145 and a total amount repayable of £8,721. There are no other charges included in the total charge for credit. | ||||||
