Cheltenham & Gloucester rates cut

Date:Monday 15th September 2008

Cheltenham & Gloucester rates are to be slashed on its two-year, fixed-rate mortgage deals.

Starting from today, the rates will be reduced by up to 0.12 per cent.

This means that the lowest rate available from the lender, which is part of the Lloyds TSB Group, is 4.99 per cent.

That rate can be found on house purchases and remortgages of up to 75 per cent loan-to-value.

In addition, the 90 per cent two-year, fixed-rate mortgage

is being cut by 0.12 per cent to reach 6.13 per cent.

Stephen Noakes, director of marketing at Cheltenham &

Gloucester, said that the last month has seen "consistent improvements in funding costs".

He hoped the rate cuts would bring "some much needed confidence" back to borrowers.

Abbey rates for borrowers with smaller deposits have also been cut.

Customers with a 15 per cent deposit can have their rates slashed by 0.6 per cent.