In the summer and early autumn of 2003, mortgage rates reached their lowest for decades and homeowners rushed to take advantage of the cheap fixed rate and discount deals on offer.
Abbey estimates that thousands of borrowers are now coming off these two-year deals and will be shopping around again.
Highlights include:
- Two new products with competitive rates have been launched at 60% LTV.
- These are our lowest two-year deals this year - a fixed rate at 4.39% with a £399 fee and a tracker rate at 4.24% with a £699 fee. Both these fees can be added to the loan.
- Booking fees for people taking Abbey’s remortgage benefit package* reduced by up to £200 for all fixed and tracker mortgages.
- Most fixed rates reduced by 0.05%.
- Stepped fixed rates reduced by 0.05%.
- Also still available are Abbey’s competitive flexible, cashback and capped rate mortgages.
- Both our capped and discount mortgages will still be best buy deals.
Lal Tawney, Abbey's Head of Mortgage Marketing said: "Anyone who is coming to the end of a cheap fixed rate mortgage this September will find some excellent new deals on offer from Abbey. We have cut rates, reduced fees and introduced two attractive new lower LTV products, ideal for people in the remortgage market. Remortgaging is easy to do and could result in a significant monthly saving”.
Abbey’s remortgage benefit package offers the choice of a free valuation on property values up to £2.5m and free standard legal work. Alternatively customers can receive £250 towards legal fees if they prefer to choose their own solicitor.
