Abbey passes on rate cut bulk
Updated on 10 November 2008
Abbey has announced it is passing on the majority of last week's 1.5% interest rate cut to new variable rate mortgage customers.
The group, one of the UK's biggest mortgage lenders, has relaunched its tracker products after withdrawing them last week.
It is increasing the margin it charges above base rate for people with at least 40% deposit to 1.89%, compared with 1.84% previously, meaning that new borrowers will see the rate they are charged fall by 1.45%.
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