Abbey cuts deposit needed for fixed-rate deal

Abbey has announced that it is making its fixed-rate mortgage deals available to more potential borrowers.

The lender revealed that two, three and five-year products currently requiring a 40 per cent deposit will now only need 30 per cent to be paid down.

As a result of the changes, which take effect tomorrow (Friday May 15th), it is hoped that more customers will be able to benefit from what director of mortgages Nici Audhlam-Gardiner described as Abbey’s “most competitive” interest rates.

“We are committed to offering our customers the best possible deals,” she said, advising customers to act quickly as rates are likely to rise in the future.

“Borrowers looking to take out a fixed rate to guarantee certainty of their monthly payment should take advantage now,” she added.

Earlier this week, Alliance & Leicester announced the introduction of a deal exclusively for first-time buyers, with a 15 per cent deposit required for the 5.99 per cent rate with no fee.

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