Abbey Nat&#39s variable tracker

Abbey National is unveiling a new mortgage range that includes a three-year stepped variable tracker available exclusively through intermediaries.

The stepped variable tracker starts at 0.76 per cent below Bank of England base rate for year one, giving a headline rate of 2.99 per cent, followed by base rate plus 0.24 per cent in year two and 1.04 per cent above base rate in year three. The loan then reverts to Abbey&#39s standard variable rate, currently 5.79 per cent. The product is available at up to 75 per cent loan to value.

The new range also includes a two-year fixed rate at 3.95 per cent up to 95 per cent LTV, available for new borrowers exclusively through intermediaries. Abbey is also offering a two-year fixed rate at 4.29 up to 90 per cent LTV, both for remortgage customers.

Abbey National for Intermediaries marketing manager Jan Errington says: “With the current low base rate environment, our tracker mortgages offer some of our lowest rates. But some borrowers still want reassurance that mortgage repayments will remain stable.”