Abbey is reportedly set to lower its interest rates on some of its mortgage deals as the lender continues to display a confidence in the market. Having already cut rates on its fixed rate products, Abbey is once again lowering rates by as much as 15 per cent. Its two year fixed rate mortgage will now be available from 6.19 per cent, whilst its three year deals are available from 6.29 per cent. These offers do however require a deposit of at least 25 per cent with 75 per cent Loan to Value ratios available.
In a bold move, the bank is also launching a new large home loans service allowing homeowners to borrow between £550,000 and £5 million. These three year tracker mortgages are available from 6.34 per cent, or 6.79 per cent for the fixed rate option, though a 30 per cent deposit is required.
Abbey’s move to cut rates follows decreases by Britannia and HSBC, who have lowered rates by 0.35 per cent and 0.31 per cent respectively, whilst HSBC also cut their booking fee by £200 to £599.
Experts are predicting a six per cent fall in mortgage volumes over the course of the next year as house prices continue to fall and consumers struggle to be granted loans .
Abbey Cuts Rates Again on Loans
Mon, 04 Aug 2008
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