Abbey cuts fixed rates again

Abbey has announced further rate cuts to its five and two-year fixed rate deals which come into effect tomorrow, Friday 12 October.

The rate cuts to the five-year fixed rate mortgages mean that Abbey is the most competitive of the big lenders in this market. The core five-year fixed rate deal available through brokers is now available at an extremely attractive rate of 5.85% with £589 fee, and the remortgage option, which includes free legals and free valuation, is now 5.98% with £589 fee. That’s a cut of up to 0.15% on the deals which, having been reduced recently, were already competitively priced.

Reductions of 0.1% on Abbey’s two-year fixed rate deals also put them in a very competitive position. The core two-year fix through a broker is now available at 5.72% with £999 fee, or there is another option at 5.59% with £1,499 fee.

Nici Audhlam Gardiner, Abbey Head of Mortgages, said: "'We know that, as the market rate uncertainty continues, a fixed rate remains the preferred option for the majority of customers.

“Because of that we have further dropped our two and five-year fixed rates accordingly. Our reductions put us in a very competitive position compared to the other big lenders.

"What's more, we know more people are opting for five-year fixes or longer, and what with the government announcing their support for longer term deals, now is a good time to consider fixing for the medium to long term."