Abbey introduce second lot of rate cuts

Just a few days ago Abbey announced that they were cutting rates on their fixed-rate and tracker mortgages. Well we have just learned that the Santander owned bank are to reduce the rates on their two and three-year fixed rate deals by up to 0.15%.

If you was to take out their two-year fixed-rate deal your new rate will be 6.34%, this comes with a setup fee of £999. The three-year fixed-rate deal at 75% LTV has a starting rate of 6.29%.

Director of mortgages at Abbey, Phil Cliff has said that they are committed to offering competitive deals; because of their strength in the mortgage market it has allowed them to introduce these rate cuts.

It seems to me that both Abbey and Nationwide Building Society are at a constant struggle with each other, to see who can offer the best rates to customers. This kind of thing is great, as you and I get to benefit, let us hope that more mortgage lenders jump on the bandwagon.

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