Abbey has announced that it is to cut interest rates by 0.6 per cent for any borrower who can provide a 15 per cent deposit. The cut means that the 85 per cent loan to value range will start at 6.34 per cent with a £995 fee for a two or three year fixed rate deal, and 6.44 per cent with a £995 fee for a two or three year variable rate. The range is available on loans of up to £550,000.
As part of the shakeup, which comes into effect on Monday, the lender will also remove the upfront element of its booking fee, reduce fees on some products by as much as £1,000, and introduce five new deals to this range. Customers have previously been required to pay £150 of the booking fee on application, and may either pay the rest of the fee up front or add it to the loan upon completion.
Some of the lender’s 70 and 75 per cent loan to value mortgages will also experience interest rate cuts, but only by as much as 0.1 per cent. Deals available at 70 per cent LTV will now start from 5.54 per cent with a £1,495 fee on loans of up to £250,000, whilst deals at 75 per cent LTV are to start from 5.74 per cent with a £995 fee on loans of up to £550,000.
Abbey to Cut Interest Rates on Selected Loans
Abbey to Cut Interest Rates on Selected Loans
Fri, 12 Sep 2008
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