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Abbey drops prices on fixed rate mortgages

Abbey has announced further rate cuts to its five and two year fixed rate deals, effective tomorrow.

The core five-year fixed rate deal, available through brokers, has been cut by 0.15 per cent and is now priced at 5.85 per cent with a £589 fee. The remortgage option, which includes free legals and free valuation, is now 5.98 per cent with £589 fee.

The price of Abbey’s two year fixed rate deal has dropped by 0.1 per cent and is now available at 5.72 per cent with £999 fee, through a broker, or 5.59 per cent with a £1,499 fee for an alternative option.

Abbey head of mortgages Nici Audhlam Gardiner says, as the market rate uncertainty continues, a fixed rate remains the preferred option for the majority of customers.

He says: “Because of that we have further dropped our two and five-year fixed rates accordingly. Our reductions put us in a very competitive position compared to the other big lenders.

“What’s more, we know more people are opting for five-year fixes or longer, and what with the Government announcing their support for longer term deals, now is a good time to consider fixing for the medium to long term.”

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