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Abbey releases two-year tracker mortgage

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Abbey National Plc, the sixth biggest bank and second largest provider of mortgages and savings in the UK, has released a number of new mortgage products. One of these, a two-year tracker mortgage, has an interest rate of just 4.44 per cent. The mortgage market in the UK is currently diverse and competitive, and Abbey aim to attract tracker mortgage custom with this deal.

The new Abbey two-year tracker has a fee of just under �650 for those loans that do not exceed �500,000. The maximum LTV (loan to value) is set at 75 per cent. For mortgages up to �2 million the fee will climb slightly to just under �850.

Abbey National also released two new fixed-rate mortgage deals, for five and seven year terms. The rates were 5.39 per cent for customers looking for a remortgage and seven years. For borrowers moving house and first-time buyers the rate falls to 5.14 per cent. On the five-year remortgage deal no fee is set.

The new tracker mortgage is also available as a remortgage, although the fee climbs by �50 in this instance. One expert from Abbey was reported as saying that this time of year is popular to move house and spring-clean finances, which can be a daunting challenge. Abbey has launched a range of new mortgages to help movers, remortgagers and first-time buyers, with a variety of different rates and options.

Further Abbey products have been launched, including a new build mortgage and a lifetime tracker.

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