Abbey Says No To Government HomeBuy
AUGUST 12TH, 2005
| Credit Cards (introductory rate & period) |
Typical APR | Options |
| Virgin Credit Card 0% balance transfers, 13 months ( 2.9% balance transfer fee ) 0% purchases, 3 months |
15.9% (variable) |
 |
| Post Office Credit Card 0% balance transfers, 8 months ( 2.5% balance transfer fee ) 0% purchases, 3 months |
14.9% (variable) |
|
| Personal Loans | Typical APR | Options |
| Moneyback Bank Personal Loan | 5.7% | |
| Northern Rock Personal Loan | 5.8% | |
Abbey has dealt a major blow to government plans to help people onto the property ladder having decided not to pursue the scheme.
It was simply put down to the shared ownership scheme not being cost-effective and therefore would not be taking part in a trial.
The HomeBuy quity scheme would allow first-time buyers to aquire a percentage of the ownership in a home with the remainding amount owned by lenders.
The limited sized trial and development costs of a new system meant that investment was too high for it to be a financially viable avenue for the Abbey.
They bank also said they believed the scheme to be too limited and that more should in fact be done to help first-time buyers.
Four lenders are left in the scheme who will be willing to provide the loans to buyers.
