Mortgage rates cut

Aug 29 2008 by Kathryn Smith, Evening Gazette

ABBEY today became the latest lender to announce it was cutting its mortgage rates in a further sign that competition is returning to the market. The group is shaving 0.2% off its two-year fixed rate deal for people borrowing 70% of their home’s value and 0.1% off its three-year fixed rate loan. The lender also announced it was launching a new range of low fee deals on Monday for homeowners with a 40% deposit who are borrowing up to £250,000. Abbey’s announcement comes after Alliance and Leicester said it was cutting the cost of all but one of its mortgage products, reducing rates by between 0.1% and 0.55%.

Lender in the red

BELEAGUERED lender Bradford and Bingley today said it had crashed into the red in the first half of 2008, after credit crunch losses and rising bad debts. The buy-to-let specialist made pre-tax losses of £26.7m, compared with profits of £180.4m in the same period last year.

Canada calling

NORTH-EAST firms are being offered the chance to tap into opportunities in Canada at a special event focusing on the oil and gas, mining and construction industries. The Discover Canada event will be held at Durham County Cricket Club, Chester-le-street, on, September 11 from 9.30am-1pm, when a team of experts will be on hand to offer an insight into the market. Key speakers include Duncan de Lugt, Trade Commissioner at the Canadian High Commission and Tracey Grindal, UK Trade and Investment trade adviser in Canada. Details on 0845 05 05 054 or email enquiries@ukti.rito.co.uk.