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Abbey cuts flexible mortgage deal fees
As of Friday, Abbey will reduce the fee on all of its flexible mortgages by £1,000 to £1,499.
The flexible mortgage deals enable people to offset savings, making overpayments, underpayments and take "payment holidays".
Paul Cliff, Abbey director of mortgages, said Abbey's mortgage business, backed by Santander, was strong, allowing it to "consistently offer customers good mortgage deals".
Last week, Abbey cut the rates on its tracker mortgages.
This led to two, three and five-year trackers with the mortgage lender starting from 6.04 per cent with a £999 fee.
The move comes after chancellor Alistair Darling called on mortgage lenders to reduce mortgage fees.
In an interview with the Northern Echo, he said he was in discussion with the Financial Services Authority over what constitutes an acceptable level of charges, and that he had already spoken to the Council of Mortgage Lenders.
He told the Northern Echo that while costs had to be met when people came off fixed rates and onto different ones, it was important to "make sure people are treated fairly and not taken advantage of".
