Today, the Abbey joined the competition by launching two competitive fixed rate mortgages, both with no fees attached.

One is aimed at those looking for a remortgage and another for homebuyers, and both are three year fixed rate deals for those with a 25 per cent deposit at 4.59 per cent interest rate.

Both mortgages include a free valuation and free legal fees, making them very competitive on the fees front at a time when most borrowers are busy saving and spending on the deposit and generally have to search for mortgages with a low or no fee at all.

The Abbey has also reduced its rates on other mortgages making them even more competitive.  Many mortgage advisors advocate it is a good time to tie into a fixed rate deal whilst interest rates are low and the banks are starting to compete for business again.

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