Abbey popular for mortgages
February 7, 2009 by Brendan
News
The Abbey claims it nabbed 1 in 4 of all new mortgages given out last year, increasing its share of the mortgage market. Only 8 per cent of new mortgages went through the Abbey in 2007 compared to over 28 per cent in 2008.
As rivals such as Northern Rock have reduced their range of mortgage products, the Abbey, owned by Spanish banking group Santander, has taken advantage of this and seen a huge increase in the number of savers turning to the bank too.
Thanks to the government rescue scheme recently announced, other banks and local authorities are now able to widen their range and offer new mortgages, such as the new fixed rate mortgages offered by Natwest and RBS last week, which is good news for mortgage advisors and those taking their CeMAP training with a view to entering the financial advice market.
It is hoped that the Bank of England’s interest rate cut yesterday would also help boost the economy and the mortgage market.
Written by
Brendan
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