Abbey cuts five-year fixes by 0.26%
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Abbey for Intermediaries is reducing its range of five-year fixed rate products by up to 0.26% from Friday.
The new range includes a deal reduced to 4.49%, previously 4.75%, and up to 70% LTV with £995 fee.And a product cut to 4.99%, previously 5.15%, and up to 75% LTV with £995 fee.
It is also launching a two-year tracker at 3.29%, up to 75% with no booking fee.
All three products come with the Home buyer Solution, offering borrowers a free basic mortgage valuation and £250 cashback on completion.
The lender is also reducing the rate on one of its two-year fixes by 0.05% – it will now offer a two-year fix available up to 70% LTV at 3.09% and a fee of £995.
Alan Mathewson, managing director of Abbey for Intermediaries, says: “At a time when some borrowers are starting to look towards the security of a fixed rate deal, we expect our five-year fixes to be extremely popular.
“For borrowers who want the flexibility of a tracker deal, meanwhile, we have launched a new market leading two-year tracker with no fee.”
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Readers' comments (3)
Avenue & Co Private Finance | 29 Sep 2010 5:23 pm
Abbey need to cut rates alot more than this if they want to be an active player in the 5yr fix arena.
- HSBC: 3.94% 5 yr Fix - 60% LTV
- Accord: 4.39% 5 yr Fix - 75% LTV - Sesame Exclusiv or 3.99% Direct Only.
- Post Office & First Direct - 4.19% - 75% LTV
- Santander Direct Only 4.39% - 5 yr Fix to 75% LTV
In fact Abbey are beaten thereafter by Nationwide, Principality, Market Harborough, N Rock and Halifax.
How about a 3.89% 5 yr Fix to 75% LTV and £999 Fee - via INTERMEDIARIES ONLY Abbey??...yes, Im not holding my breath either dear fellow brokers!.
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Anonymous | 30 Sep 2010 9:49 am
If you really want business in this area you need to have the lowest fixed rate AND the lowest product fee.Now the question is who is going to set the pace?.
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Laurence Brown | 30 Sep 2010 12:25 pm
They need to go someway yet, good rates pointed out by Avenue & Co, also Accord have a 3.99% at 75% LTV fixed for 5 years, the app. fee is a little steep at £1,900, but over 5 years more than pays for itself
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