The interest rate on Abbey's 15 year fixed rate mortgage will remain unchanged at 5.74 per cent.
Abbey's fixed rate mortgages are aimed at people who want the reassurance of paying the same amount for their mortgage each month and who value longer-term security against any future increases in the Bank of England base rate1.
The three year fixed rate mortgage of 4.94 per cent is still one of the most competitive in the market. It is available for loans up to 90 per cent loan to value and has a booking fee of £499, which customers can either pay upfront or add to their mortgage.
Abbey's fixed rate mortgages are available to first time buyers, re-mortgage customers and people moving home. With Abbey's two and five year fixed rate mortgages, customers can select further options, which enables them to tailor the fixed rate to suit their needs. The options are:
Option to reduce the fixed rate
Customers who want a fixed rate mortgage, but would prefer to pay a reduced rate over the fixed rate term, can choose to pay a higher upfront booking fee of £499 in order to reduce the monthly mortgage payment.
Help with fees
First time buyers, people moving home and re-mortgage customers have the option of allowing Abbey to pay for their legal and valuation fees, in return for paying a slightly higher mortgage interest rate.
The new two and five year fixed rate mortgage range:
Fixed rate term Max LTV Standard Choices range Rate including option to reduce the fixed rate Rate including the 'help with fees' option
Ambrose McGinn, Director, Abbey for Intermediaries said: “With predictions that there may be another increase in the Bank of England base rate soon, intermediaries could well see an increase in demand for fixed rate mortgages. In which case, being able to offer clients a competitive rate, at the same time as a predictable monthly repayment, regardless of any move in the base rate, should prove very valuable."
For more information of Abbey's mortgage range, intermediaries should contact their regional sales consultant or visit the www.abbeyforintermediaries.com.
