New range of tracks and caps from Abbey

Mortgage provider Abbey has launched a new range of capped and tracker mortgages, with varying rates and durations.

Among the new offers is a three-year tracker at 4.74 per cent with no fee – this mortgage is available by telephone only – and a five-year tracker at 4.74 per cent with a £699 fee, or 4.84 per cent with no fee, free valuation and £250 cashback.

The continuing availability of a two-year tracker mortgage was also announced at 4.38 per cent, as well as a new five-year capped rate product at 5.45 per cent.

This capped deal is available at up to 95 per cent loan-to-value (LTV) with a fee of £499, while all of the tracker options are available at up to 90 per cent LTV.

Paula Ickinger, product executive of mortgages and loans at Abbey, said: “For people moving house or buying for the first time, it may be worth considering a tracker mortgage.

“Even if the Bank of England increased base rate a couple of times in the next two years, a tracker is still likely to work out cheaper as previous interest rate movements have been just 0.25 per cent each time.”

The company also announced that it has stepped, cashback, fixed and Flexi Plus deals still available, as well as reminding borrowers that booking fees can be added to the loan on all mortgages.