Abbey mortgage rates cut

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Abbey mortgage rates cut

Following the Bank of England's decision to introduce a £50 billion mortgage bond scheme to help the property market get back on its feet, Abbey has announced that it will reduce rates on its tracker and flexible deals by 0.1 per cent.

Abbey said it supported the Bank's decision to "broaden its range of accepted collateral", describing it as "an important step in bringing greater liquidity to the market".

It predicted that the extra funding would reduce the Libor lending rate over time, hence why it has decided to decrease its own rates.

The bank also said it would review the changes to the cost of funding and consider further alterations to its own mortgage range.

"We hope other lenders will also act to support the stimulation of the mortgage market," a statement from Abbey concluded.

The Bank of England's new scheme will enable banks to swap potentially risky mortgage debts for secure government bonds.
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