Abbey launches new fixed rate mortgages
From Friday 11 December, Abbey will once again lower some of its fixed rate mortgage range as it plays its part in helping to rejuvenate the number of competitive products available to homebuyers and remortgage customers. In addition Abbey will also launch new three year and five year fixed rate mortgage products.
The changes will mean that Abbey is now offering some of the most competitive high LTV products in the market, available through both Abbey and Alliance & Leicester branches.
The rate changes include:
Fixed Rates
New three year fixed, 75 per cent LTV mortgage with a £995 booking fee at 4.29 per cent, available to remortgage customers who complete before the 26 February 2010. This product offers a 0.10 per cent discount to the standard three year fixed remortgage product.
New five year fixed, 70 per cent LTV mortgage with a £995 booking fee at 4.95 per cent, available to both homebuyers and remortgage customers (available to existing customers with an Abbey or A&L bank account)
Four year fixed, 75 per cent LTV with no booking fee at 4.89 per cent, down by 0.10 per cent (available to existing customers with an Abbey or A&L bank account)
The specials for existing current account customers come on the back of the announcement last month that Santander is to launch a revolutionary new current account, the first of a series of initiatives aimed at radically changing retail banking in the UK by giving existing customers the chance to benefit from its success in becoming the most efficient bank in the UK.
The Santander Zero Current Account, which will be available to anyone who currently holds a mortgage with the bank, or opens one, has no overdraft fees, no authorised charges, no unauthorised charges, no charges for unpaid items, no charges for paid items and offers fee-free foreign usage. It also offers 6 per cent in-credit interest fixed for 1 year and a market-leading overdraft interest rate of 12.9 per cent.
Nici Audhlam-Gardiner, Director of Mortgages at Abbey said: "We are seeing an increasing demand for medium-term fixed rate mortgages as homeowners consider the possibility that base rate will rise in the future. We have been cutting rates across our whole range over the past month, making mortgages even more affordable for those looking to get onto the property ladder or who are ready to remortgage onto a new more competitive deal."