Abbey announces new fixed-rate mortgage

10-Apr-2007

Abbey has announced details of a new fixed-rate stepped interest rate mortgage, available to both first time home buyers and repeat purchasers.

With interest rates fixed for a period of five years, during the first year the mortgage offers an interest rate of 2.99 per cent, which may be of interest to would-be first time buyers worried about high repayments over the first 12 months.

The new mortgage carries an application fee of £799.

To find out more about this mortgage and other mortgages for first time buyers, click here.

"We're committed to making sure that Abbey's fixed-rate mortgages continue to be among the best rates in the market," said Nici Audhlam-Gardiner, head of mortgages at Abbey.

After the first year, the interest rate rises to 6.2 per cent during the second and third years, before increasing to 6.35 per cent over the fourth and fifth years of the mortgage.

Abbey is owned by Banco Santander Central Hispano.

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