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Abbey Cuts Mortgage Rates
Abbey Cuts Mortgage Rates
The Abbey have today announced cuts in its mortgage rates.
All flexible and tracker rates are being cut by 0.05% while new borrowers with 25% deposits are seeing fixed rate deals being cut by up to 0.17%. For those wishing to take a five year fixed rate, the Abbey are now offering rates as low as 5.75% (6.9% APR).
Following hot on the heels of Abbey’s announcement of a mortgage broker exclusive 5.78% (7% APR) three year fixed rate remortgage scheme, Abbey are showing every indication of being the lender most likely to lead a market recovery.
The Bank of England has reduced interest by 0.75% since the beginning of last December, a move which the main mortgage providers have frustratingly declined to follow. There are many who hope that these cuts are the first signs that the worst is over.
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