Bank announces lower mortgage rates

Abbey has revealed that it is lowering two of its fixed-rate mortgages.

The lender is to trim its three-year deal at an 85 per cent loan-value (LTV) by 0.11 per cent to 5.88 per cent.

It is also reducing its two-year product with a 70 per cent LTV by 0.1 per cent to 3.88 per cent.

Abbey has also revealed it is launching a two-year tracker with a 70 per cent LTV, which will start at a rate of 2.94 per cent.

Commenting on the new offerings, director of mortgages Nici Audhlam-Gardiner remarked: “we expect that these reductions to our fixed rate product range will help more people find an affordable mortgage“.

Earlier this week, HSBC said its 1.99 per cent mortgage – which is available for a 40 per cent deposit – will now be available for an extended period lasting until the end of October.

It said the launch of the deal on September 1st led to a “huge increase” in interest from consumers.

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