Today, the Abbey has released a new mortgage on a four year fixed rate deal. The deal has launched with an interest rate of 5.99 per cent for those wishing to borrow up to a maximum of 85 per cent loan to value.

As with many fixed rate mortgage, the deal comes with a fee. The Abbey’s fee on this mortgage is £995 and there are additional benefits, which contribute to the deal.

These include a free valuation and £250 cashback if the mortgage is for a property purchase rather than a remortgage and if it is a remortgage, you can get free legal work and a free valuation.

So, do the experts think this is a good deal?

Mortgage advisor company spokesperson Ray Boulger for John Charcol, believes it is if you need over a 75 per cent loan to value and want to fix your payments. He did add:

“it is worth noting that one could buy a five or 10-year fixed-rate up to 85% at similar rates”

In today’s climate with interest rates as low as they are, many people are seeking to fix their interest rate for longer periods.

For those with a loan to value of 75 per cent or less, the Abbey is also offering a four year fix without a free at 4.99 per cent and with the same benefits.

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