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Abbey slashes fixed-rate interest
18 December 2008 16:53
The high street mortgage lender Abbey has announced that it will be slashing rates on a variety of home loan products.
From tomorrow (December 19th), the bank will be reducing its fixed-rate deals by up to 0.6 per cent, providing homeowners with a number of new borrowing options.
A two-year fix with Abbey will now come with a rate of 4.64 per cent with 75 per cent loan-to-value, while three and five-year fixes will also benefit from similar cuts.
Mortgage director of Abbey, Nici Audhlam-Gardiner, commented that the bank continued to offer competitive home loan packages during the economic crisis.
He added that the new deals would allow lower deposit home buyers to lock into the security of fixed-rate loans for a period of two, three or five years.
At the start of this week, Nationwide Building Society announced that it would be increasing interest payments on its range of fixed-rate mortgages.
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