Abbey announces new fixed-rate mortgage deals

Abbey has launched two new fixed-rate mortgages deals through its direct and intermediary channels.

The first is a five year fixed-rate stepped product with a low first year rate of 3.99% that increases in the second and third years to 5.79% and 5.99% in years four and five respectively. The five-year mortgage has an application fee of £799.

The second mortgage introduced this week is a 15-year fixed rate mortgage with a rate of just 5.39% - lower than many five year fixed-rate mortgages. The 15-year fixed-rate mortgage has an application fee of £599.

Nici Audhlam-Gardiner, Head of Mortgages at Abbey, said: “Both new products offer something different to customers. The stepped mortgage gives people the chance to benefit from lower upfront costs, which can help support buyers trying to get on the property ladder for the first time. The 15-year fixed-rate mortgage allows people to enjoy the certainty that repayments are fixed for the duration: we know this is particularly important to our customers in the current rising interest rate environment”.