The new rates are as follows:
5.04 per cent with a £995 fee for 60 per cent LTV
5.19 per cent with a £995 fee for 75 per cent LTV
5.34 per cent with a £549 fee for 75 per cent LTV (up to a maximum of £150,000)
Abbey has already reduced the rate on its two and three year fixed rate mortgages to 4.49 per cent with £995 fee; and 4.99 per cent with a £995 fee respectively, both for 60 per cent LTV.
Nici Audhlam-Gardiner, Abbey mortgage director commented: “In response to customer demand, we have now lowered the rates on our five year fixed rate deals as well as the two and three year fixed rates on which we lowered rates last week. The last time they were at this level was over two years ago – in April 2006.
“The cut in rates is timely as our research shows that twice the number of people are choosing five year fixes now than in September 2008, 16 per cent compared to just eight per cent. In a low base rate environment, it is a good opportunity for customers to take advantage of low rates and fix in to gain longer-term certainty of their monthly payment.”
