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Mortgage lenders slowly release their new deals
Almost as soon as the Bank of England announced it was cutting the base rate by 1.5 per cent to 3 per cent, mortgage lenders withdrew all their tracker rate mortgages.
Abbey have announced that it is to become the first lender to re launch trackers for borrowers with 25 per cent deposits with a lending cap of £250,000. The rate will be 1.99 per cent above the base rate.
Lenders including Lloyds TSB and Halifax, the UK’s largest lender, along with a range of other lenders such as Bristol & West and Alliance & Leicester, are expected to follow suit over the next two weeks and bring out less prohibitive mortgage rates. HSBC and Barclays (Woolwich) say they will make a decision regarding their rates at a later date.
Abbey is cutting up to 1 per cent from its fixed rate mortgages from tomorrow.
Mortgage lending has hit rock bottom as lenders struggle to borrow money on the wholesale markets.
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