Abbey to pass on rate cut

Abbey is applying last week\'s Bank of England base rate cut to its SVR and base-rate tracker mortgages.

A release from the lender says: “Despite the current market turmoil and high cost of funding, Abbey is committed to ensuring customers receive the benefit of the base rate reduction.

“We’re passing on the full base rate reduction to customers on SVR and we’re cutting the rates on our two-year tracker and flexible mortgages for new customers.”

The changes to SVR for existing customers, and savings rates for new and existing customers, take effect from May 1.

Details of the changes can be found on the Abbey website.