Big reductions on Abbey’s five-year mortgage deals

Abbey Mortgages today announces dramatically reduced rates on its range of five-year fixed rate mortgages. The range, which is now on offer at 5.63 per cent with a £499 fee for loans to value of up to 90 per cent, has seen rates cut by up to 0.46 per cent.

Recent Abbey research shows that demand for five-year fixes is strong with very nearly as many people choosing a five-year fixed rate deal as those who would choose the traditionally popular two-year fixed rate option.

Nici Audhlam-Gardiner, Head of Mortgages at Abbey, comments: “We have a fantastic range of five-year deals, all at 5.63 per cent. We’re finding more people are turning to longer-term products these days – one, because of the certainty they offer and two, because the deals are so well priced.

“Homebuyers and remortgagers looking to fix for this length of time can get a particularly good deal with Abbey as our solutions for these buyers – which offer free legals and valuation and normally have slightly higher rates – are currently on special offer at the same price as the core version of the product.”

The five-year fixed rate deals are also on offer for loan to values of up to 95 per cent. For deals at this LTV, the rate is from 6.54 per cent with a £599 fee.