Abbey has made alterations to its mortgage range, by reducing its trackers by 0.3% and launching a new first-time buyer deal at 5.99%.

The two-year purchase and remortgage trackers now have rates from 2.94% for a 75% LTV deal.

There is also good news for first-time buyers looking to get onto the property ladder, as Abbey and A&L is launching a 90% LTV three-year fix deal with a rate of 5.99% and a £495 fee. This includes a free valuation and £250 cashback on completion.

There’s also a new 75% LTV two-year fixed rate mortgage at 4.15% with a £995 fee. Nici Audhlam-Gardiner, Director of Mortgages at Abbey and Alliance & Leicester, said: “The latest reduction in rates is yet more good news for borrowers.

“With speculation that the Bank of England base rate might stay put for a while longer, trackers are back in favour and to help those borrowers looking for a tracker, we have reduced rates.”

The reduced rate and new mortgages are available from Abbey and Alliance & Leicester, via their branches and telephone.