Cheltenham & Gloucester announce further rate cuts

Cheltenham & Gloucester, part of the Lloyds TSB Group, has announced plans to reduce rates on its two year fixed rate products.

From Monday 15th September 2008, mainstream two year fixed rate products will be reduced by up to 0.12 per cent. The lowest two year fixed rate available is 4.99 per cent, available on house purchases and remortgages up to 75 per cent LTV.

The rate cut also includes the 90 per cent two year fixed product, which will be reduced by 0.12 per cent to 6.13 per cent.

Stephen Noakes, director of marketing at Cheltenham & Gloucester commented: "Over the last month there have been consistent improvements in funding costs, which we have been able to pass on to customers. Hopefully today's announcement should help bring back some much needed confidence to consumers looking for a mortgage."

Details of the full Cheltenham & Gloucester mortgage range are available at cheltglos.co.uk