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Lenders back with competitive rates

Northern Rock and Woolwich have launched 3.99 per cent mortgages while Abbey has is offering several competitive deals.

The Northern Rock one-year deal is 3.99 per cent for 65 per cent LTV, fixed with full flexibility. Woolwich released a 3.99 per cent mortgage for 14 months for 60 per cent LTV.

The Abbey range includes a two-year fix at 4.39 per cent and a three-year fix at 4.69 per cent, both at 60 per cent LTV.

These products reflect falling Libor rates, with overnight Libor down to 3 per cent, while three-month Libor is 4.11 per cent, down from 4.42 last week.

Capital Fortune managing director Rob Kileen says: “Things are looking more positive now. We have seen a 20 per cent rise in products on our system in one week.”

Brentchase Financial managing director Mike Fitzgerald says: “The Northern Rock deal is pretty good and great for remortgage. The Government will want to see a lot more rates like this.”

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