Abbey Loans Review

Abbey Loans is a popular bank in UK. In fact it is the sixth largest bank in the UK and a formidable provider of savings, loans and mortgage products in the country. This bank was established in the year 1849. It got listed on the London Stock Exchange in the year 1989. Abbey’s main offices are located in the five major UK cities of Milton Keynes, Glasgow, Bradford, Belfast and London.

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Abbey Bank strives to become the best bank in UK. Since the year 2004, Abbey Bank is under the control of Santander Group. The expertise and the experience of this group are helping Abbey Loans to become the foremost in its field in UK.

Abbey Loan Options

Abbey Standard Personal Loans

Abbey Standard Personal loan is an unsecured personal loan with repayment terms varying between one to eight years. The Standard Personal Loan amount varies from £1,000 to £25,000 with an APR of 8.9% to 24.9%. You can pay a fixed amount of your loan on monthly basis. You can transfer your high interest credit card and personal loans to Abbey Standard Personal loan and save money in the process. You can also opt for personal loan payment protection insurance. You have the option of direct debit for loan repayment. Those who have a bank account with Abbey have faster loan processing time. There is also the option of payment penalty insurance which takes care of the payment of your standard personal loan in event of your death.

Limitations of Abbey Standard Personal Loans

• A penalty has to be paid when there is an early repayment of standard personal loan.
• To apply for this loan, a person ought to have a definite regular income. Moreover, he also needs to show to the bank how he has handled the finances previously without facing any problems.

Abbey Homeowner Loans

This loan can be taken by all prospective customers who want to realize the value of their home equity and take some cash against it. To apply for this loan you can call on their toll free number. You can also apply online provided you have an account with them.

The loan amount can be anything above £5000. However, it has to be equivalent to or less than the 85% of the value of your property. The amount can be used for any purpose which might not be related to your house. The repayment term can also be chosen by the borrower. This term can be lower than your mortgage term or longer than it. Customers can also choose the interest rate on these loans. There are a plethora of variable or fixed rate products available that can help you decide your rate of interest. The money is deposited in the customer’s account in just a period of seven days after approval.

Limitations of Abbey Homeowner Loans

• Since the loan is secured against your house it can be reclaimed if the repayments are not paid on time.
• There is an early repayment fee involved in most of these loan products.