Abbey Fixed Rate Mortgages
Abbey provides an extensive range of fixed-rate mortgages. Fixed rate mortgages are particularly suitable to those who want the peace of mind of repaying a set amount each month. There are draw backs with fixed rate mortgages and one of the main ones is that it does not track the Bank of England base rate, therefore if the base rate is reduced most mortgage companies reduce their variable rate mortgages - fixed rate mortgages of course do not go down.
Abbey fixed rate mortgages are available in 2, 5, 7 and 10-year fixed-rate periods. Abbey mortgages also provide a special offer 5-year capped rate whereby for the period of the deal customers pay either Abbey's capped rate or a standard variable rate. Thereafter the deal will revert to Abbey's standard variable rate.
Abbey has a 3-year stepped fixed-rate mortgage and this is available on loan amounts up to £500,000 with a 5% minimum deposit. The interest rates offered are competitive (particularly to begin with). The rate increases each year, before reverting to the standard variable rate at the end of the fixed-rate period. The 3-year stepped Abbey fixed-rate mortgage does have early repayment charges.
Abbey dates back to 1849, when National Freehold Land & Building Society was established. In 1944, they merged with the Abbey Road Building Society to form Abbey National. It was the first building society (in July 1989) to convert to plc status and to be floated on the London Stock Exchange.
As well as mortgages, Abbey offers bank accounts, savings, credit cards and loans, long term investments like pensions and unit trusts, critical illness, life and unemployment cover, and home insurance.
Abbey now has approximately 25,000 staff in over 700 branches, with approximately 18 million UK customers (including expatriates).
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT
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