Abbey lowers fixed rate mortgages

Abbey, part of Santander, has reduced the interest rate on some of its fixed rate mortgages – the 2 and 3 fixed rate homebuyer products.

The new rates on the fixed rate mortgages are

• 2 year fixed homebuyer with 70% LTV at 3.88% – an interest rate reduction of 0.1%
• 3 year fixed homebuyer with 85% LTV at 5.88% – an interest rate reduction of 0.11%

Nici Audhlam-Gardiner, Director of Mortgages at Abbey said ‘With interest rates at a historical low many people are looking to tie in to fixed rates now, and in what is traditionally a very popular time of the year to purchase a house we expect that these reductions to our fixed rate product range will help more people find an affordable mortgage.’

Both these fixed rate homebuyer products have a fee of £995 and are available at both Abbey and Alliance & Leicester brances.

There’s also a new 2 year tracker mortgage available, with up to 70% LTV at 2.94%.

You can get more details on the Abbey website.