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Capital Fortune , the campaigning mortgage advisers advised its clients that Abbey have introduced a new competitive product range some with a £499 fee. The low fee deals are available to all borrowers with a 60% loan to value seeking refinance up to £250,000.

The low fee range includes a two-year tracker at 5.94%; a two-year fixedat 5.79% and a three-year fixed at 5.84%

Abbey is also cutting rates on its two and three year fixed rate deals at 70% loan to value for loans of up to £250,000. Both fixed rate deals are now available at 5.69%. This is a cut of 0.2% on the two-year fixed deal, which has a fee of £995 and a cut of 0.1% on the three-year fixed deal, which has a fee of £1,295.

Rob Killeen, Business Manager commented that ‘There is growing evidence that mortgage lenders are becoming more aggressive in the need for business. The increase in margins which most lenders passed on to borrowers could not last and customers simply voted with their feet and stayed away.

Abbey have emerged as the market leader in the first half and has increased its mortgage book by 28% over this time last year. The low fee option they are offering may well suit those looking for a refinance as they will allow the costs normally associated with refinance to be kept to a minimum.

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