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Abbey fixed rate mortgages made more 'affordable'

08 October 2009 / by Andy Davies

Abbey has today lowered rates on some of its fixed rate mortgage deals by up to 0.11 per cent, in a bid to help borrowers find 'an affordable mortgage'.

Meanwhile, borrowers looking for tracker mortgages will be able to benefit from new rates starting at 2.94 per cent.

The new fixed rates, which will be available to customers through Abbey and Alliance & Leicester branches, sees a 70 per cent LTV two year 'fix homebuyer' mortgage reduced by 0.10 per cent to 3.88 per cent for a fee of £995.

While customers with a smaller deposit, looking for an 85 per cent LTV three year fixed rate mortgage will pay 5.88 per cent, a reduction of 0.11 per cent, with a fee of £995.

Additionally, borrowers who are looking at taking out a variable mortgage can now apply for a 70 per cent LTV two year tracker mortgage which has a rate of 2.94 per cent and a £995 fee.

Commenting on the rate reductions, Nici Audhlam-Gardiner, director of Abbey mortgages 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."

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