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19 Feb, 2008

Leah Milner
Date: 19-Feb-2008

Abbey will become the third lender to drop out of 100%-plus LTV deals as its pilot scheme comes to an end this Friday.
The lender launched a pilot 100% LTV product combined with a secured loan of up to £25,000 last September.

The pilot scheme had no set deadline when it launched, but Abbey says the decision to end the scheme on Friday was reached several weeks ago and was not a reaction to the announcements today from Coventry and Alliance & Leicester that they will be pulling out of the 100%-plus LTV market.

Northern Rock has come under pressure recently from a Liberal Democrat peer to abandon its 125% LTV Together products.

A spokesman for NR says the lender is considering its position.

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