Abbey: New mortgages and rate cuts

Date:Monday 30th November 2009
Author: Max Freedman

Abbey has announced it is cutting the level of their mortgage rates as well as offering a new product for first-time buyers.

A deal for those wanting to get on the property ladder is available at a 90 per cent loan to value (LTV) has been launched, as a three year fixed-rate mortgage with 5.99 per cent. The deal also comes with a free valuation and a cashback of £250 upon completion.

Available from branches of Abbey, Alliance & Leicester and over the phone are newly reduced rate two-year purchase and remortgage trackers, which have been lowered by up to 0.3 per cent, with rates beginning from 2.94 per cent with a 75 per cent LTV.

The range of no booking fees deals is still available to current account customers, netting them a £995 saving.

Nici Audhlam-Gardiner, director of mortgages at Abbey and Alliance & Leicester, said: "With speculation that the Bank of England base rate might stay put for a while longer, trackers are back in favour and to help those borrowers looking for a tracker, we have reduced rates."

The new rates follow on from the launch of a best buy deal, with a rate of 3.69 per cent, earlier in the month.