Abbey reduces mortgage fees

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Abbey has announced it is to reduce the fee on several of its mortgage products from tomorrow.

The lender is planning to cut the cost of fees on its flexible deals, which start with rates of 6.43 per cent with a 75 per cent loan to value, by £1,000 to £1,499.

According to the company, the products are ideal for those who want the freedom to make overpayments, underpayments and take payment holidays.

The move comes after Abbey recently revealed it has reduced rates on its tracker mortgages.

Discussing the decision, Phil Cliff, director of mortgages for Abbey, said: "The strength of Abbey's mortgage business - backed by Santander - allows us to consistently offer customers good mortgage deals."

Earlier this week, the Co-operative Bank launched a new three-year tracker mortgage which is fee-free.

The deal, which is only available to the bank's current account customers, includes early repayment charges and the opportunity for people to make overpayments and underpayments.

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