UK-based Abbey, a part of the Santander Group, is launching its new two-year mortgage fix at 60% loan-to-value (LTV) that offers a rate of 2.99%.
Abbey said that the mortgage is available to its banking customers and has a GBP599 fee and maximum loan size of GBP200,000. Abbey is also introducing a five-year fixed rate mortgage at 3.95% with a 60% loan-to-value and with GBP995 fee and maximum loan size of GBP250,000.
The latest range of Abbey mortgages includes products at 60%, 75% and 85% LTV including those specifically looking to move home or remortgage, added Abbey.
Abbey is passing the 0.5% on to existing variable rate mortgage customers and is reducing its standard variable rate by 0.45% from the beginning of April 2009.
Nici Audhlam-Gardiner, mortgage director at Abbey, said: This is the lowest mortgage rate we have offered. We want to continue to offer our customers the lowest rates and the best deals we can. We wrote nearly one in three mortgages in 2008 and continue to offer our customers value for money. That’s why we’re giving new borrowers a choice of these two competitive deals allowing them to guarantee security of their monthly payments.
