Abbey discloses new fixed-rates
Tuesday, 22 Jan 2008 13:29
Abbey has today unveiled details of a raft of new mortgage offers including reductions to its three-year fixed-rate deals.
Its entire range of fixed three-year mortgages will undergo 0.1 per cent cuts, with rates starting at 5.62 per cent with a £999 fee.
Abbey Mortgage's ten and 15-year fixed-rate products are also to experience 0.25 per cent cuts with rates beginning at 5.59 per cent with a £999 fee.
The cuts come as Abbey launches a new three-year fixed-rate stepped product which starts at 4.99 per cent in the first year, rises to 5.69 per cent in the second and 6.39 per cent in the third. It has a £499 fee.
A three-year tracker is also being unveiled this week. It offers a rate at 0.51 per cent above the Bank of England base rate in the first year, 0.29 per cent in the second and 0.99 per cent in the third.
And it is also launching 75 per cent loan to value (LTV) ranges for two and five-year deals.
Nici Audlham-Gardiner, head of mortgages at Abbey, said: "We're really pleased to be in a position where we can cut rates on your three-year and longer-term fixes.
"Our three-year range is looking extremely competitive at the moment, and someone moving from a competitor's SVR to that deal could be looking at a saving of £140 a month on their mortgage payments."
Ms Audlham-Gardiner expects the stepped products to prove popular with existing mortgage-holders reaching the end of two-year fixed-rate deals.