Abbey lowers rates on high LTV fixed rate mortgages

Abbey has announced on Friday that it is lowering fixed and variable rates on some of its high Loan to Value (LTV) mortgage products.

The lowered rates are to take effect today and will mean Abbey are now offering some of the most competitive high LTV products in the market. The products are available through both Abbey and Alliance & Leicester branches, the bank said.

The changes in the rates include:

Fixed Rate Mortgage
* Five year fixed, 90 percent LTV mortgage with a £995 booking fee at 6.69 percent, down by 0.20 percent.

* Two year fixed homebuyer mortgage, 80 percent LTV with a £995 booking fee at 5.19 percent, down by 0.20 percent.

Tracker Mortgage Rates
*Two year tracker, 85 per cent LTV mortgage with a £995 booking fee starting from 4.69 percent, down by 0.10 percent.

Abbey director of mortgages Nici Audhlam-Gardiner, said, “We have been cutting rates across our whole range over the past month, and we are pleased to be able to cut rates now for those mortgages with a high loan-to-value and to help support the opening up of the housing market. This is a great time for those people looking to borrow for a home to snap up some highly competitive deals.”

At the same time, Abbey announced it would offer a market innovative, market leading 75 percent LTV, three year fixed rate mortgage for just 4.39 percent with a £995 booking fee.

The product is available to both home buyers and those who want to remortgage and are available through branches as well as via the telephone.

For those interested to learn more about the Abbey Mortgages products, just log on to www.abbey.com, telephone 0800 389 9890 or visit your local Abbey branch.