Abbey lowers fixed rates
In addition Abbey will also launch new three year and five year fixed rate mortgage products.
The products will be available through both Abbey and Alliance & Leicester branches.
The rate changes include a new three year fixed, 75 per cent LTV mortgage with a £995 booking fee at 4.29%, available to remortgage customers who complete before the 26 February 2010. This product offers a 0.10% discount to the standard three year fixed remortgage product.
There is also a new five year fixed, 70% LTV mortgage with a £995 booking fee at 4.95%, available to both homebuyers and remortgage customers (available to existing customers with an Abbey or A&L bank account). And a four year fixed, 75% LTV with no booking fee at 4.89%, down by 0.10% (available to existing customers with an Abbey or A&L bank account).
Nici Audhlam-Gardiner, director of mortgages at Abbey said: “We are seeing an increasing demand for medium-term fixed rate mortgages as homeowners consider the possibility that base rate will rise in the future. We have been cutting rates across our whole range over the past month, making mortgages even more affordable for those looking to get onto the property ladder or who are ready to remortgage onto a new more competitive deal.”