Abbey for Intermediaries is reducing its two year tracker rates by 0.20 per cent to 3.29 per cent, including a free valuation and £250 cashback for purchase customers and legal fees paid for remortgagers.
Alliance & Leicester Intermediary Sales is also reducing its two year tracker rates by up to 0.30 per cent.
Ricky Okey, Managing Director of Abbey for Intermediaries and Alliance and Leicester Intermediaries Sales, said: “For anyone who is looking for an affordable mortgage in the current environment these reduced tracker mortgages offers a great opportunity to make the most of the current low interest rates. Even if the Bank of England does raise the base rate in the longer term these mortgages still offer fantastic value for money.”
Both lenders are also making changes to their fixed rate mortgage range following increased swap rates and competitor movements. These changes include the launch of the following new fixed rate offers:
Abbey for Intermediaries
For homebuyers including free valuation and £250 cashback
2 year fixed rate at 3.98% (70% LTV) - £995 booking fee
For remortgagers including free valuation and legal fees paid
2 year fixed rate at 4.39% (75% LTV) - £995 booking fee
3 year fixed rate at 4.99% (75% LTV) - £995 booking fee
Alliance & Leicester Intermediary Sales
Two year fixed rate at 4.39 per cent offering free valuation for both remortgage and purchase customers. For remortgage customers it also include our Mortgage Transfer Service
Five year fixed rate at 5.74 per cent for remortgage only, offering a refunded valuation and our Mortgage Transfer service.
In addition, a selection of current fixed rate mortgages in both businesses will see an increase of between 0.30 per cent and 0.50 per cent.
Ricky Okey, continued: “Swap rates have risen dramatically in recent weeks. By absorbing the cost of such increases as a business, we have largely been able to protect borrowers from the impact of rising swap rates by holding the vast majority of our fixed rate mortgages. However, following further swap rate increases and competitor movements, this is no longer possible and it has become necessary to increase the rates on some of the deals we offer”.
