Abbey unveils fixed-rate cuts

Abbey has announced cuts across a number of its fixed-rate mortgage products, resulting in what it has described as “market leading” offerings.

The lender has reduced rates by up to 0.6 per cent, meaning homeowners looking for a two-year deal will now pay 4.64 per cent and a £549 fee on a 75 per cent loan to value (LTV) package up to £150,000.

Those wishing for a three-year loan at 75 per cent LTV can expect to pay 4.89 per cent along with a £995 fee, while a comparable five-year package carries a rate of 5.09 per cent.

Nici Audhlam Gardiner, mortgage director for Abbey, described the deals as “very competitive”.

Homeowners looking to move to a more competitive mortgage as part of a debt management plan may wish to consider the offerings.

Meanwhile, those with tracker mortgages look set to save a total of £9 billion over the coming year following the recent base rate cuts, uSwitch.com has suggested.

By Tom Musk