Abbey lifts LTV rate on fixed mortgages

Abbey cuts rates on high LTV mortgages

Abbey has reduced interest rates on a range of its low deposit mortgages.
Post Office unveils 90% LTV mortgages

The Post Office has announced the launch of a new range of mortgages with a 90 per cent loan-to-value (LTV).

Thursday, 14 May 2009 12:00

Abbey is making a range of its fixed-rate mortgages more accessible to borrowers with smaller deposits.

The bank announced today it is increasing the loan-to-value (LTV) of its two, three and five-year fixed-rate mortgages from 60 per cent to 70 per cent.

This means borrowers who want a loan to cover 70 per cent of their property's value will be able to find a fixed-rate product to match their needs at Abbey.

Rates for the 70 per cent LTV mortgages are 3.65 per cent for a two year term, 4.14 per cent for a three-year term and anyone looking to fix for five years will pay a rate of 4.69 per cent.

Nici Audhlam-Gardiner, director of mortgages at Abbey, said increase in the LTV will enable more borrowers to benefit from the bank's rates.

She added: "Such great rates won't be around for long, so borrowers looking to take out a fixed rate to guarantee certainly their monthly payment should take advantage now."

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