New round of mortgage rate cuts from UK banks

07 August 2008

Abbey, one of the largest mortgage providers in the UK, has announced that it will again be cutting its rates for new borrowers.

The lender announced it would be reducing the price of its two-year and three-year fixed and tracker rates by 0.1%.

In addition, the Halifax, which is part of the HBOS group, earlier this week announced it was reducing the cost of its two-year fixed mortgage rate by 0.38% as well as making reductions on 30 of its other products.

The Bank of Scotland, a brand also belonging to the HBOS group, also reduced rates on 36 of its products by as much as 0.7%.

A spokesman for Halifax said that the rates were being reduced to help the lender meet its target of providing 20% of all new mortgages taken out.

He said: “It’s down to competitor activity, we are aiming for a one-in-five market share.”

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