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September 5, 2008    

Abbey cuts rates

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by Gill Montia
Abbey cuts rates

From 5th September, Abbey is reducing rates on a number of its mortgage deals.

The lender is cutting interest on its two, three and five-year fixed-rate home loans by up to 0.30%.

In the case of the five-year fix with a 75% loan-to-value (LTV) ratio the rate comes down to 5.89%.

The two-year at 75% LTV is down by 0.20% to 5.79% and the three-year at 75% LTV down by 0.15% to 5.79%.

Abbey recently reported that the demand for fixed-rate mortgages has risen sharply over the past six months.

According to the lender, 52% of respondents to its survey said they would take a fixed-rate deal, compared with 35% in February and 47% in July.

The bank also has good new for those needing larger loans of between £550,000 and £5 million.

Its recently introduced range now includes a three-year tracker mortgage (60% LTV), which is down to 6.24% and a three-year fix with an LTV of 60% at 6.45%.

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