Abbey promotes long mortgage fix
Monday, 11 Feb 2008 12:42
Abbey has slashed rates on its five-year fixed-rate mortgages to 5.63 per cent.
The move comes after the research by the firm revealed a strong demand for five-year fixed-rate mortgages, with as many people opting for the longer-term option as for two-year products.
Now Abbey's range of five-year fixes, which come with a £499 fee and which are available for loans of up to 90 per cent of the property's value, have had rates cut by as much as 0.46 per cent in a bid to meet the demand.
Nici Audhlam-Gardiner, head of mortgages at Abbey, said: "We are finding more people are turning to longer-term products these days – one, because of the certainty they offer and two, because the deals are so well priced.
"Homebuyers and remortgagers looking to fix for this length of time can get a particularly good deal with Abbey as our solutions for these buyers – which offer free legals and valuation and normally have slightly higher rates – are currently on special offer at the same price as the core version of the product."
For borrowers who want to take out loans of up to 95 per cent of the value of the property, the five-year fixed-rate mortgage is available at 6.54 per cent with a £599 fee.