AFI cuts rates

Five-year fixed rate products, available to all homebuyers, are reducing by up to 0.26%. The new competitive range includes:

• Five-year fix reduced to 4.49% (previously 4.75%) and up to 70% LTV with £995 fee
• Five-year fix reduced to 4.99% (previously 5.15%) and up to 75% LTV with £995 fee

Abbey for Intermediaries is also introducing a new tracker product:

• Two-year tracker at 3.29% and up to 75% LTV with no booking fee

All three products come with the Homebuyer Solution, offering borrowers the added benefits of a free basic mortgage valuation and £250 cashback on completion.

The lender is also reducing the rate on one of its two-year fixes by 0.05% – it will now offer a two-year fix available up to 70% LTV with a rate of just 3.09% and a fee of £995.

Alan Mathewson, managing director of Abbey for Intermediaries, said: “We are delighted to be able to support the needs of intermediaries and their clients with our latest rate cuts. At a time when some borrowers are starting to look towards the security of a fixed rate deal, we expect our five-year fixes to be extremely popular. For borrowers who want the flexibility of a tracker deal, meanwhile, we have launched a new market leading two-year tracker with no fee.”