Abbey and A&L unveil revised mortgage rates
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Abbey for Intermediaries is cutting its two-year tracker rates by up to 0.2% to 3.29%, including a free valuation and £250 cashback for purchases and legal fees paid for remortgage cases.
A&L Intermediary Sales is also reducing its two-year tracker deals by up to 0.3%.
Fixed rate deals on offer from Abbey for Intermediaries include a two-year fixed rate deal for purchases at 3.98% at up to 70% LTV with a £995 booking fee, and a two-year fixed rate deal at 4.39% for remortgages at up to 75% LTV with a £995 booking fee.
A&L Intermediary Sales is launching a two-year fix at 4.39% for both remortgages and purchases, as well as a five-year fix at 5.74% for remortgage business only.
The lenders are also increasing the rates on some current fixed rate deals by between 0.3% and 0.5%.
Ricky Okey, managing director of Abbey for Intermediaries and A&L Intermediary Sales, says: “For anyone who is looking for an affordable mortgage in the current environment these reduced tracker mortgages offers a great opportunity to make the most of the current low interest rates.”
On the fixed rate increases, he says: “Swap rates have risen dramatically in recent weeks.
“By absorbing the cost of such increases as a business, we have largely been able to protect borrowers from the impact of rising swap rates by holding the vast majority of our fixed rate mortgages.”
But he adds: “Following further swap rate increases and competitor movements, this is no longer possible and it has become necessary to increase the rates on some of the deals we offer.”
The changes will be effective from tomorrow.
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