Abbey mortgage fixed rates cut

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Abbey mortgage fixed rates cut

Once again Abbey has cut the rates of both its five and two-year fixed-rate mortgage deals, the bank has announced.

Now the five-year fixed rate deal is available to consumers at the rate of 5.85 per cent, with a fee of £589.

And the remortgage option is 5.98 per cent with a £589 fee. This includes both free valuation and free legals.

Nici Audhlam Gardiner, Abbey head of mortgages, said: "'We know that, as the market rate uncertainty continues, a fixed rate remains the preferred option for the majority of customers.

"Because of that we have further dropped our two and five-year fixed rates accordingly. Our reductions put us in a very competitive position compared to the other big lenders."

The government recently announced its support for "longer-term deals" making now an ideal time to getting a fixed mortgage for the long-term, Ms Audhlam Gardiner added.

It has been widely forecast that the base rate of interest is to drop before the new year.

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