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In news which may be welcomed by consumers concerned about falling into arrears with their mortgage repayments, a lender has revealed it has cut a number of its mortgage product rates.
Abbey has reduced its two- and three-year fixed-rate 60 per cent loan to value (LTV) deals by 0.25 per cent to 5.49 per cent.
It has also reduced its two-year fixed-rate products at 75 per cent LTV by 0.35 per cent, meaning such products now start from 5.54 per cent.
Meanwhile, its new five-year fixed-rate loan at 60 per cent LTV will be charged at 5.49 per cent.
"Despite the challenging market conditions our mortgage business has gone from strength to strength as our results showed earlier in the week. This is in large part down to our competitive deals," stated Nici Audhlam Gardiner, director of Abbey Mortgages.
Recently, Alliance & Leicester announced a number of interest reductions on its mortgages in a bid to make its loans more attractive to consumers.
