More mortgage rates cut
New signs have emerged that the mortgage rate trend is continuing
downwards, as two more lenders have announced reductions in
Abbey has revealed today that it is to reduce the rate on its two
and three-year fixed rate and tracker deals by 0.1 per cent with
immediate effect, following on from 0.15 per cent cuts last
The lender has also said those looking to take out mortgages for
£150,000 or less will have a new, lower fee charged of
Phil Cliff, head of mortgages at Abbey, stated: "Market movements
and our mortgage strength allow us to make these further rate
reductions to benefit our customers."
Cuts have also been announced today by Cheshire Building Society,
The Macclesfield-based lender is to cut its short-term loan rates
today, with two, three and five-year fixed rates being reduced by
0.5 per cent and ten-year deals by 0.3 per cent.
Cheshire is also thinking of shifting its emphasis to more
long-term deals, with mortgage product manager James Taylor
stating: "We could do a 20-year [mortgage] at 5.8 per cent,"
commenting that normally long-term loans are more expensive but not
in the current market conditions.