UK Money News
6th August 2008
Abbey confirms second mortgage rate cut
Abbey has announced it is to cut cost of selected fixed-rate and tracker mortgages.
The move will see the rates on some of its two and three-year fixes and tracker deals fall by 0.10 per cent, bringing starting rates on its two and three-year fixed rate products to 6.19 per cent.
Abbey has now cut the cost of its products twice in the space of a week, having previously confirmed it was trimming rates on two and three-year fixes by between 0.10 per cent and 0.15 per cent on Friday.
The fall in price has been made possible by a decline in swap rates, which are used by lenders to calculate the cost of fixed-rate mortgages.
Phil Cliff, head of mortgages at Abbey, said: "Market movements and our mortgage strength allow us to make these further rate reductions to benefit our customers."
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