4 Sep

New mortgage cuts announced

New mortgage cuts announced

Mortgage lenders have announced new cuts to their deals, helping to make home loans cheaper despite the Bank of England's decision to hold the base rate.

Abbey has announced today that it is to make further reductions to its range, with its two, three and five-year fixed rate deals with 75 per cent loan-to-value (LTV) ratios being reduced by up to 0.3 per cent.

The full reduction will apply to the five-year mortgage, while the three-year product will be reduced by 0.15 per cent and the two-year offer by 0.2 per cent.

In addition to this, the three-year fixed mortgage rate at 60 per cent LTV is to fall 0.35 per cent and the three-year tracker by 0.1 per cent.

Abbey has also been joined in lowering mortgage rates by Leeds and Skipton Building Societies.

The latter institution has also announced it is to re-enter the first-time buyer market.

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