It has also revealed it is introducing a new three-year deal which features a 70 per cent loan-to-value, a £1,695 fee and a rate of 5.99 per cent.
Phil Cliff, Abbey's mortgage director, stated that the strength of the mortgage market had allowed the company to make the moves.
He said: "These rate reductions are the second set that Abbey has made in just ten days. What's more, we've added another market leading deal to the range.
"This three-year fix has a rate of just 5.99 per cent and even when the slightly higher fee is accounted for, it is still best in market."
Last week, Liverpool Victoria announced it is launching a new lifetime mortgage product with a fixed rate of 6.95 per cent.
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