Borrowers taking out mortgage deals amid the current property market are looking for a deal that will offer a degree of certainty, according to Abbey.

The group has announced that it is reducing the rate on its two-year fixed rate mortgage available via intermediaries by 0.2 per cent, meaning it will now stand at 5.39 per cent.

Abbey has also noted that longer-term fixed rate deals are healthy in the current market and is making no change to rates on its five-year range, which saw a substantial cut recently.

The rate will remain at 5.63 per cent and the group feels this will provide some peace of mind for borrowers who want to fix for longer due to the fluctuating market.

Commenting on the improved range, Nici Audhlam-Gardiner, head of Abbey Mortgages, said: "In the current market, certainty seems to be what a lot of people want, so we're driving down the costs on our fixed rate deals."

Abbey recently stated that the outlook for the economy has led to confusion over which deal is best for remortgaging.

 Remortgage with Abbey, Nationwide, Halifax and more