The mortgage will be available from April 23, with an interest rate of 6.75 per cent and a £495 booking fee.
An Abbey for Intermediaries spokesman says: “This product represents another step in our commitment to offering higher LTV products in the intermediary market. We now offer a range of competitive mortgages at 80 per cent LTV and above and expect to further develop our higher LTV offering in the future.”
London & Country head of communications David Hollingworth says although the rate may not be very attractive, the fact Abbey is putting higher LTV products through brokers is positive.
He says: “I think it is great that they are looking to put some higher LTV products out into the broker marketplace – that has got to be welcomed.
“Perhaps some of the shine has been taken off by how high the rate is. But when they get a feel for the demand, they might do some rate chopping.”