Abbey cuts rates on high LTV mortgages

Friday, 04 December 2009 12:00

Abbey has reduced interest rates on a range of its low deposit mortgages.

A 0.2 per cent cut has been made to its fixed-rate mortgages for loan-to-values (LTVs) of over 80 per cent.

And its tracker mortgages, at 85 per cent LTV, have undergone a 0.1 per cent cut to interest rates.

Meanwhile the bank has also launched a three-year fixed-rate mortgage for LTVs of 75 per cent, which has a 4.39 per cent rate and £995 booking fee.

Nici Audhlam-Gardiner, director of mortgages at Abbey, said: "We are pleased to be able to cut rates now for those mortgages with a high loan-to-value and to help support the opening up of the housing market."

Among the fixed-rate products which have received rate cuts are a five-year deal for 90 per cent LTV mortgages which has been slashed to 6.69 per cent.

A two-year fixed-rate homebuyer mortgage now has a rate of 5.19 per cent after the cuts. This is available for 80 per cent LTV deals.

A two-year tracker for 85 per cent LTVs has also had its rate cut to 4.69 per cent.

All have a £995 booking fee.

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