Lender reveals new mortgage deals

Abbey has said it is lowering its tracker mortgage rates by up to 0.3 per cent as well as introducing some new deals.

The two-year tracker for purchases and remortgages is being lowered to 2.94 per cent, with a loan-value (LTV) of 75 per cent.

New fixed deals include a three year homebuyer loan at 5.99 per cent, with a £495 fee, £250 cashback on completion and a 90 per cent LTV, as well as a two-year offering at 4.18 per cent and 75 per cent LTV, with a fee of £995.

The changes to tracker rates are a reflection of a shift in consumer sentiment in their direction, director of mortgages Nici Audhlam-Gardiner noted.

She said: “With speculation that the Bank of England base rate might stay put for a while longer, trackers are back in favour.”

Mortgage brokerage John Charcol recently noted that the market share of trackers has dropped rapidly in recent months, falling from 83.1 per cent in June to 26.3 per cent last month.

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