Abbey to introduce new mortgages

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Abbey has announced that it is introducing a new range of mortgage products from the start of next week.

The lender's new products all include £499 fees and will be open to consumers looking to borrow a maximum of £250,000 and a 60 per cent loan to value.

Rates on the new two and three-year deals range from 5.79 per cent to 5.94 per cent.

The company is also reducing the rates on products with a similar length that include a 70 per cent loan to value for up to £250,000.

Phil Cliff, head or mortgages at Abbey, outlined which borrowers may particularly benefit from the low-fee mortgages.

"They will be great for people who have plenty of equity in their property and want a really competitive deal, whilst looking to keep remortgage costs to a minimum," he explained.

Earlier this week, Alliance & Leicester revealed it is reducing rates on a number of its two and three-year mortgage products.

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