Only Finance.com - Abbey has good news for borrowers

Mortgages - Abbey has good news for borrowers - 19/05/2008

Abbey has announced planned reduced fixed rates of up to 0.17% for borrowers with higher deposits.

As a result Abbey are making reductions to the 2 year, 3 year and 5 year fixed rate products providing the LTV is 75%.

A spokesperson for Abbey Mortgages said “The current mortgage market poses an opportunity for financially strong lenders such as Abbey, last month we announced a UK net lending share of 16%, and since then we've seen an exceptionally strong pipeline of new business, as well as continuing to benefit from the improvements we've made in retaining our existing mortgage customers.‘‘

“Abbey had already decreased rates on its flexible rate and tracker mortgages by 0.1% in response to the Bank of England's recent cash injection This additional 0.05% reduction anticipates future falls in LIBOR (London Interbank Offered Rate – the rate at which banks borrow from each other to fund their mortgage lending) and will further support the Bank of England's action in helping to bring liquidity back to the UK mortgage market.”

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