Huge rise in number of cheap five-year fixed-rate mortgages
Financial services provider Abbey has confirmed that it is passing on the effects of the recent base rate rise to its mortgage holders.
As of February 1st 2007, all homeowners who currently have a variable tracker mortgage account with the banking services provider will see their interest repayments increase by 0.25 per cent.
Meanwhile, those who wish to arrange a new tracker mortgage deal with Abbey must already pay the higher mortgage rate.
This will become effective from February 1st for existing mortgage holders and January 22nd for new business.
Both mortgage moves follow the recent decision by the Bank of England's monetary policy committee to raise the base rate by a quarter of one per cent to 5.25 per cent.
It is the third time in the last six months that interest rates have risen - the Bank previously raised rates in August and November 2006.
Following the change, many mortgage lenders announced that interest on their tracker mortgage products would be increased.
Scotland - a dedicated service from mortgagecase.com.
Switching to a different mortgage may sound daunting but could save you money.
Release up to 100% of the surveyed value of your home.
Receive mortgage news, information & notification of interest rate decisions.
None of the information on this website is intended to promote any specific mortgage product or provide mortgage advice.
mortgagecase.com is a non-regulated trading name of .
mortgagecase.com (c) 2011 .
The sphere, with icon, its reflection and mortgagecase.com are trademarks of .