Woolwich and Abbey mortgage rates cut

Date:Thursday 27th November 2008
Author: Max Freedman

Abbey and Woolwich mortgage rates are being reduced, the lenders have announced.

For Abbey, cuts are being made on loans-to-value (LTVs) of 60 per cent to 75 per cent on five-year, fixed-rate mortgages.

For a 60 per cent LTV mortgage, the new rate is 5.04 per cent with a £995 fee.

A 75 per cent LTV mortgage in the range also has a fee of £995 and a rate of 5.19 per cent, or for loans up to £150,000, can have a £549 fee and a rate of 5.34 per cent.

The new deals see rate cuts of as much as 0.45 per cent.

Meanwhile, Barclays has announced reductions of 0.6 per cent in Woolwich mortgage rates, offering fixed-rate deals of 4.39 per cent for two years or 4.69 per cent for three.

A 4.99 per cent rate is now available for a 70 per cent LTV for two or three-year fixed-rate mortgages, while a new Lifetime Tracker product, with varying percentage points above the base rate depending on the LTV, is also being released.