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Abbey announces further fixed-rates cuts
27 November 2008 15:57
Abbey has announced that it will be cutting interest rates on its range of five-year fixes in line with its shorter term products.
From Friday (November 28th), the bank's five-year fixed-rate deals will be subject to cuts of up to 0.45 per cent, with the new interest levels starting from 5.04 per cent.
Customers who opt to take out a five-year mortgage at a rate of 5.34 per cent at 75 per cent loan-to-value, will also benefit from significantly reduced fee of £549.
Director of mortgages for Abbey, Nici Audhlam-Gardiner, said that the bank had lowered the rates in response to high customer demand, meaning the lender had now cut interest levels on its five-year deals, as well as two and three-year fixed-rate offers.
He added that the rate cut was well-timed as recent research by Abbey had shown that the number of people choosing five-year fixes had doubled to 16 per cent in the last two months.
In terms of market share, Abbey's parent company Banco Santander is the largest lender in the eurozone and fifth biggest on the planet when it comes to profits.
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