Abbey have announced it is to cut interest rates on selected fixed rate mortgages by up to 0.15 per cent. The lender has announced it is to lower rates for its two and three year fixed rate mortgages, though the products will still be accompanied by a hefty initial fee. Interest rates on the bank’s two year fixed rate loan start at 6.34 per cent, compared to 6.29 per cent for the three year fixed rate loan . Both of these loans have an initial fee of £999, with a minimum loan to value ratio of 75 per cent. Meanwhile, Abbey have also introduced a new three year fixed rate deal offering 70 per cent loan to value, charging 5.99 per cent interest with a £1,695 fee and a maximum value of £250,000.
The cut is the lender’s second interest rate decrease in a fortnight, having previously reduced interest rates on its 75 per cent loan to value fixed rate loan and tracker loans by 0.2 per cent, despite the general market trend showing an increase in rates for such loans. Furthermore, Abbey also cut the initial fee for its flexible mortgage recently by £1,000, from £2,499 to £1,499.
Abbey Cut Interest Rates on Fixed Rate Loans
Mon, 14 Jul 2008
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