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CML: Mortgage arrears and possessions conference at the The Midland Hotel, Peter Street, Manchester, M60 2DS
Abbey unsure of SVR but cuts trackers from January
Abbey has released details of its mortgage rates following the 1% cut in the base rate earlier today.
Existing mortgage holders
Trackers: All of Abbey's variable rate mortgages that track base rate will fall by the full 1 per cent, including all flexible deals. The rate change will take effect from the start of January.
The SVR is under review and we will be making an announcement in due course. Abbey's current SVR is 5.44 per cent.
New mortgage customers
In line with other lenders who have already withdrawn their variable rate mortgage deals, we will also be temporarily removing our trackers from close of business this evening. This is to prevent excessive in-flows and the impact on service levels this would have. We expect to re-launch a new range of mortgages next week.
- Checkmate signs three deals
- Intermediary mortgage lenders help borrowers through tough times
- RBS Intermediary Partners launches online CallBACK service
- Britons paying off debt and sacrificing saving
- Interest rates cut by 1 per cent as expected.
- Alliance & Leicester withdraws Tracker from its mortgage range
- HSBC passes on full base rate cut to personal and business customers
- Barclays cuts mortgage and business rates
- Exclusive Connections to offer white label bridging
- Banks cannot avoid recession, says Fitch
- All eyes now on LIBOR