Abbey Two-Year Tracker mortgage launched
www.moneynews.co.uk > Mortgages > Abbey Two-Year Tracker mortgage launched
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Money News |
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Abbey Two-Year Tracker mortgage launched
Fri 19th May 2006
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The mortgage is available at up to 90 per cent loan-to-value (LTV), with a booking fee of £699 and a maximum loan amount of £500,000.
Abbey's offer is the latest mortgage to be launched on the premise that tracker mortgages may soon provide better deals than fixed-rate offers, which are currently rising in terms of the rates they carry.
The Abbey Two-Year Tracker mortgage is currently 0.46 per cent cheaper than its current lowest two-year fixed-rate deal, the company claims, adding that it also offers remortgagers and movers a competitive deal compared to rising fixed rates.
Barry Naisbitt, chief economist with Abbey, said that the recent rise in fixed rates is due to a marked change in financial markets and that it could now be well worth considering a tracker option.
"Even if the Bank of England increased base rate a couple of times in the next two years, a tracker is still likely to work out cheaper as previous interest rate movements have been just 0.25 per cent each time," Mr Naisbitt added.
The lender also announced the Abbey Low-Rate Flexible Plus mortgage, which tracks at 0.49 per cent above the base rate and allows flexible payment options as well as offering an offset facility in an Abbey savings account.
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Related News : Santander |
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