Abbey to cut mortgage rates

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Abbey has announced it is cutting rates on mortgages for consumers with a 15 per cent deposit from next week.

The lender is reducing the rates on the deals by 0.6 per cent, while it is also lowering fees on the same deals by around £1,000.

In addition, several of its products with a 70 and 75 per cent loan to value are having their rates cut by 0.1 per cent.

Phil Cliff, director of mortgages for Abbey, said that the company's aim was to provide consumers with "a range of competitive deals".

"The rate and fee cuts, plus the new deals, mean we have an extremely competitive range for customers with deposits of 15 per cent or more," he explained.

Another UK mortgage lender also recently announced reductions on a number of its rates.

The Co-operative Bank has revealed that the rate on its three-year fee-free deal is to be lowered by 0.3 per cent, while its five-year deal's rate is falling by 0.7 per cent.

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