Abbey announces further rate cuts

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A leading mortgage lender in the UK has announced further cuts to a range of its products.

The rates on Abbey's flexible offset products have been reduced by 0.2 per cent, while those on their three-year trackers have also fallen by 0.1 per cent.

All of the company's two and three-year fixed rate deals have had their rates cut by 0.25 per cent, while the products feature a £995.

Phil Cliff, Abbey's director of mortgages, outlined why the lender had chosen to introduce the cuts.

"These reductions demonstrate our continued effort to offer customers an excellent deal, in particular our flexible offset mortgages, which now start at 6.23 per cent, look very competitive," he explained.

Earlier this week, Cheshire Building Society also reduced the rates on a range of its mortgage products.

Rates on the firm's two, three, five and ten-year fixed rate deals have been cut, along with those on two-year remortgage and buy-to-let mortgages.

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