Abbey and Yorkshire Building Society cut mortgage rates

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Abbey and Yorkshire Building Society cut mortgage rates

Wed 20th Aug 2008

Mortgage lenders Abbey and Yorkshire Building Society have cut rates on various mortgage products that they offer.

Abbey has slashed rates on fixed and flexible mortgages.

All flexible offset products are now reduced by 0.2 per cent, with three-year trackers cut by 0.1 per cent and five-year fixed, low-fee mortgages by 0.2 per cent.

From tomorrow, it is also cutting the rates on its two and three-year fixed-rate deals by as much as 0.25 per cent. There may be a £995 fee.

Phil Cliff of Abbey said the lender wanted to give customers "an excellent deal".

Meanwhile, Yorkshire has reduced its two-year fixed-rate mortgage to 5.54 per cent, while its fee has also been slashed from £995 to £885.

Additionally, the 4.99 per cent two-year fixed-rate product, with a three per cent fee, is being reduced to 4.89 per cent.

The fee is also cut to 2.5 per cent.

Spokesperson Tom Girling said there were signs of "increased activity" in the mortgage market, which "can only be helped by falling rates".

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