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Abbey cuts mortgage rates

Abbey is to reduce the rates on its two and three-year fixed rate and tracker deals by up to 0.15 per cent from August 1.

In the core 75 per cent loan to value range, two year fixes now start at 6.19 per cent and three-year fixes at 6.29 per cent, both with £995 fee.

Abbey has also cut rates on its broker special at 75 per cent LTV, bringing it to 5.69 per cent with £1,999 fee.

For customers with a 40 per cent deposit, there is a 5.59 per cent deal with £1,999 fee available through brokers.

Abbey also has two 70 per cent LTV products in the range – a two-year fix at 5.99 per cent with £1,495 fee and a three-year fix at 5.99 per cent with £1,695 fee.

The lender will be introducing two new large loan products to the range for customers wanting to borrow between £550,000 and £5 million.

These products require a deposit of 40 per cent and start at 6.34 for a three-year tracker and 6.79 per cent for a three-year fixed rate deal.

Director of mortgages Phil Cliff says: “On Tuesday, Abbey revealed its exceptional mortgage performance for the first half of the year. Throughout the credit crunch we have been providing consistently competitive deals and this is further demonstrated by our rate cuts and new mortgage deals launching on Friday.

“The two large loan products we’re introducing look particularly competitive in the large loan space as they go up to £5 million, compared to many of our competitors who lend up to £1 million. They also have a comparatively low fee for a large loan at £995, whereas many of our competitors ask for a percentage fee which can end up being in the thousands.”

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