UK high stret lender Abbeys fixed-rate range will riseup

UK high stret lender Abbey has announced plans to increase rates on its fixed products from today.Products in Abbey’s fixed-rate range will rise by up to 0.44%. The five-year fix is now priced at 6.19% (£1,499 fee), with the two- and three-year deals both at 6.14% (£999 fee). These mortgages are available up to 75% loan-to-value (LTV).

The announcement follows moves by the lender to cut rates last week, including the five-year fix, which was reduced by 0.17%. Abbey said it was forced to make the decision after recent “dramatic” increases in swap rates. The lender has also added several new products to its range, including more broker exclusives and some tracker deals. A spokesperson for Abbey said: “The two new tracker products are at 75% LTV and have free legals and valuations. Starting from 5.97%, they are highly competitive and a best buy among the major lenders.

“We are also increasing the rates on our fixed rate mortgages due to last week´s dramatic increase in swaps. However, because we cut rates last week, even with these increases our fixed rate deals are still competitive.”

Recent figures from financial comparison site Moneyfacts showed the effect of such rapid changes in product policy among lenders. It has calculated that the number of mortgages currently available now stands at 3,814, compared to 15,000 last year. Products were also available for an average of 30 days at a time. According to Moneyfacts Mortgage Metrics, the average new mortgage is around for only 11 working days and after the Base Rate fell by 0.25% last month, new deals were pulled within six days.

Use our mortgage calculators to compare monthly repayments on any mortgage deals you are considering.

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