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Abbey brings back tracker mortgages

Abbey brings back tracker mortgages

Category: Mortgages

Updated: 12/11/2008
First Published: 12/11/2008

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Abbey has announced that it will re-introduce some of its tracker mortgages.

Many of the major secured loans providers withdrew products that track the Bank of England's base rate following the 1.5 per cent cut last week.

But Abbey has revealed that it will be the first to re-enter the market when a range of two-year deals are made available tomorrow.

The lender also announced cuts to its fixed-rate products, with some of these two-year mortgages being reduced by as much as one per cent.

Director of Abbey Mortgages Nici Audhlam-Gardiner remarked: "The base rate cut has eased the pressure on swap rates, particularly two-year swaps, which means we can significantly cut rates on our two-year fixed-rate mortgage range."

It follows the announcement by Coventry Building Society that its standard variable rate for secured loans customers is being reduced by 1.5 per cent - in line with the Bank of England's cut.

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