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Abbey to cut mortgage rates again
The Abbey bank has become the latest high-street lender to cut some of its mortgage rates.
It is now making fixed-rate deals cheaper for people who can put down a deposit of just 15%.In the past week other lenders including the Nationwide, HSBC and the Co-op bank have also cut their rates.
The downward trend in fixed-rate mortgage costs is due to the falling cost to banks of borrowing wholesale funds on the financial markets.
"Fixed rate interest rates have reduced recently and as the market environment changes, we're able to pass these benefits to our customers," said Phil Cliff, director of mortgages at Abbey.The latest move was welcomed by Aaron Strutt of mortgage brokers Chase De Vere.
"Abbey cut the majority of their mortgages over 75% loan-to-value in June," he said.
"The remaining deals were not a viable option for thousands of their borrowers with smaller deposits.Last edited by Chief Tutor; 09-17-2008 at 10:00 AM.
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09-22-2008, 04:39 PM #2
Fixer Upper
- Join Date
- Jul 2008
- Posts
- 17
Here we go again.
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