Abbey national Mortgages (Review)
Abbey National mortgages are no longer in business but in its time it was a high street lender.
Since its demise, Abbey National mortgages has faced several claims for miss-selling of PPI.
These claims are being handled by the Santander group, the parent company of Abbey National.
If you think you have a claim for your Abbey national mortgage you can see this FCA guide for a list of contact information.
What types of mortgages does Abbey national offer?
- Fixed rate
- Variable rate
- Tracker rate
- Buy to let
- Interest only
What types of mortgages can I get with Ahli United Bank?
Fixed rate mortgages: With these mortgages, the rates are fixed for a period of 2, 3 or 5 years and provides you certainty over your Abbey National mortgage for that time frame.
Variable rate mortgages: You can access a host of variable mortgages through Abbey National mortgages and this mortgages will have a variable rate which can be increased or decreased at any time by Abbey National mortgages.
Tracker mortgages: You can access a host of tracker mortgages from Abbey National mortgages. These mortgages will usually track the bank of England’s rate and will move in line with it although it may not be the exact rate but rather a rate which will increase by the same point or increase by the same point as the bank of England rate.
Remortgages: You can access a host of remortgages on any of Abbey National mortgages products.
Buy to let mortgages: Abbey National mortgages also offer a host of buy to let mortgages for buy to let investors.
Interest-only mortgages: Abbey National mortgages offers a range of interest only mortgages. To be eligible for an interest-only mortgage with Abbey National mortgages you will need to prove that you can make the monthly interest repayments required and provide a repayment vehicle for the capital which you will have to pay back in one large sum at the end of the mortgage.
Buy to let mortgages for limited companies: Abbey National mortgages also offer buy to let mortgages for limited companies. This could potentially be a tax-efficient way for investors to invest in buy to let properties.
Self-employed mortgages: Abbey National mortgages also offer self-employed mortgages which are a specialist area. This means borrowers who may find it hard to prove their income to other mortgage lenders as they are self-employed could be served at Abbey National.
Bad credit mortgages: Abbey National mortgages may also be able to assist you if you have bad credit and are struggling to find a mortgage lender willing to lend to you. Bad credit could include county court judgements, debt management plans, Individual voluntary agreements (IVAs), defaults etc.
Low deposit mortgages: Abbey National mortgages also offer low deposit mortgages which could be useful to you if you are a first-time buyer struggling to save enough deposit. You may also be able to access family springboard mortgages such as the Barclays family springboardmortgage and the post office family link mortgage
If you are considering getting a mortgage then using a mortgage broker may be a good choice as mortgage brokers usually have access to many more products than any specific mortgage lender.
Mortgage brokers will also usually have access to specific deals from mortgage lenders as well as experience on which mortgage lenders will be more likely to accept your case. This will help you avoid getting rejected on a mortgage application and having to build credit due to the damage a rejection might do to your credit score.
If you have bad credit or are self-employed then specialist mortgage brokers such as bad credit mortgage brokers or self-employed mortgage brokers may be useful.
You may also want to consider the government schemes which are available for first-time buyers and home movers such as:
- Lifetime ISA- gives you a government bonus of £1,000 if you save the maximum £4,000 a year.
- Help to buy ISA- gives a maximum bonus us £3,000 if you save the maximum allowed of £12,000
- Help to buy equity loan- gives you up to 40% as a 5-year interest-free equity loan. You begin to pay interest at 1.75% after the fifth year and 1% plus RPI for every year thereafter.
- Shared ownership- You can buy between 25% to 75% of the property initially with a shared ownership mortgage and then buy more using a staircasing mortgage.
- Armed forces help to buy- similar to the help to buy equity loan but specific for the armed forces personnel giving them an increased chance of acceptance.
- Rent to own- This is the right to buy scheme on which this guide is currently discussing. A different marketing name is just used. Watch out for this when shopping to avoid missing out on eligible properties due to confusion.
- Right to buy- allows you to buy your home at a discount price.
- Preserved right to buy– same as above.
- Right to acquire- same as above.
Disclaimer: The offers compared on this page are chosen from a range of products Huuti has access to track details from and is not representative of all the products available in the market. Unless indicated otherwise, products are displayed in no particular order or ranking. The use of terms “Best”, “Top”, “Cheap” including variations, are not product ratings and are Huuti is not recommending anything here. You should consider seeking independent financial advice when necessary and confirm the validity of the information above for your personal circumstances. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP YOUR MONTHLY REPAYMENTS
If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.