18 Dec

New mortgage rate cuts announced

New mortgage rate cuts announced

Abbey has announced a series of new mortgage rate cuts.

The lender is to trim up to 0.6 per cent off a number of two, three and five-year fixed-rate mortgages from tomorrow (December 19th).

It is the second such reduction by the lender this month and the new move also includes the introduction of an 85 per cent loan-to-value product available over the five-year period.

Director of Abbey Mortgages Nici Audhlam-Gardiner commented: "Abbey continues to offer very competitive deals, demonstrating that we have and continue to be open for business."

Yesterday the Co-operative Bank announced it is to trim its standard variable rate from 5.24 per cent to 4.74 per cent, a figure the bank's head of mortgages Terry Jordan described as "very competitive".

Director general of the Council of Mortgage Lenders Michael Coogan said today that mortgages will be cheaper next year than they have been in 2008.

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