21 Aug

More mortgages cut

More mortgages cut

More mortgage rate cuts have been announced as the trend for lenders to lower costs continues.

Abbey has revealed a series of new reductions to various deals, including 0.2 per cent reductions to its flexible offset products and its five-year fixed low-fee mortgage.

The lender has also reduced its three-year trackers by 0.1 per cent and is lowering its two and three-year trackers by up to 0.25 per cent.

Another lender making rate changes is Yorkshire Building Society.

It has declared that its fixed-rate mortgage costs for deals that are pegged until 31 October 2010 will now be 5.54 per cent with an £895 fee, £100 less than previously.

Mortgage product manager at the society Tom Girling commented: "There are signs of increasing activity in the mortgage market which can only be helped by falling rates."

These new deals are the latest of many introduced by a range of lenders as the trend for swap rates to fall has continued.

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