This week has seen a host of lenders reduce the cost of their mortgages for new borrowers, with the UK’s second largest lender Abbey leading the way. On Tuesday Abbey cut the cost of three-year fixed rate mortgages by 0.07% and, have today confirmed all fixed and base-rate tracker deals up to 75% loan to value will be reduced by up to 0.17%. Nationwide, Bank of Ireland, First Active and NatWest have also announced reductions.
This is welcome news as the cost of mortgages has generally been going up since the start of the liquidity crisis.
