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High street lenders slash fixed-rate payments
19 December 2008 16:59
The high street lenders Natwest and Royal Bank of Scotland have reduced payment on their fixed-rate mortgages by up to 0.4 per cent.
Two-year fixed-rate deals from the banks are now available at either 4.59 per cent or 4.84 per cent for 60 per cent loan-to-value (LTV) and 75 per cent LTV, respectively.
What's more, both lenders have also introduced a three-year fix, which offers 4.79 per cent at 75 per cent LTV.
Director of branch mortgages at Natwest, Andy Fell, said the company believes that its new line of fixed-rate packages would give homeowners an opportunity to secure a potentially vital lower payment level for two to three years.
He added that Natwest was committed to making credit available for customers in what is a difficult economic environment.
From today, Abbey will also be reducing interest payments on its fixed-rate deals by up to 0.6 per cent.
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