Lender to cut mortgage rates

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Abbey has announced that it is planning to cut rates on several of its mortgage products.

The company's changes affect its flexible and tracker mortgage rates, as well as some of its two-year fixed rate products.

It is hoped that the changes will help the firm, which is one of the UK's biggest lenders, attract consumers.

From today, flexible and tracker rates are being cut by 0.1 per cent, while two year fixed rates are falling by 0.11 per cent.

Discussing the move, a spokeswoman for Abbey Mortgages said it was "pleased" to be able to improve its rates for customers.

"We will continue to offer competitive products whilst still being careful to balance this against the need to maintain service levels for our customers given recent competitor moves," she added.

At the start of last month, research by Abbey found that five-year fixed rate deals could become popular in the near future.

Nearly 24 per cent of respondents said they would take out such deals if they were to remortgage tomorrow.

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