Abbey has announced changes to its mortgage rates and savings rates following the decision by the Bank of England Monetary Policy Committee to cut interest rates by a quarter per cent.
The new interest rate of 4.50 per cent has resulted in Abbey's decision to cut its standard variable mortgage rate by a 0.25 per cent to 6.50 per cent.
The same quarter per cent mortgage rate cut has been applied to the mortgage lender's variable tracker mortgage rate.
These mortgage rate cuts come into effect at the beginning of September for existing mortgage holders. However, new mortgage customers will benefit immediately from the lower mortgage rates offers.
The mortgage lender's director of mortgages Gary Hockey-Morley commented on the mortgage rate cuts: "It has been more than two years since the last base rate decrease, so this is good news for people on tracker and variable rate mortgages as they will at last see a reduction in their monthly payments."
Reductions in savings interest rates are set to vary across the range of savings accounts. However, most of the savings accounts will see a reduction in the savings interest rate of 0.25 per cent.
The new savings interest rates, effective from the beginning of September, are a reflection of the reduction in the base rate and the current competitive environment, the bank said.
Abbey announces reductions in mortgage rate and savings interest rate
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Abbey announces reductions in mortgage rate and savings interest rate
Mon, 08 Aug 2005
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