Abbey increases fixed rates

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ABBEY National has raised the cost of its two-year fixed rates for first-time buyers, from 6.94 per cent APR to 8.75 per cent. Existing borrowers, who were being offered a two-year fix of 7.99 per cent, will also pay the new rate.

Other fixes from Abbey National have also gone up. The three-year rate from 7.98 per cent APR for first-time buyers, to 9.15 per cent. The bank is now offering a 10-year fix of 9.99 per cent APR.

Alliance & Leicester is launching a new three-year discounted mortgage, cutting 1.6 per cent off its variable rate, currently 7.64 per cent.

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