The lender will make the product available for seven days from Friday and the two-year fix comes with fees of £1,495 and is available up to 60% LTV.

The product is a key account exclusive and will be available to more than 95% of the intermediary market. The product has a maximum loan size of £500,000.

Abbey launched a new part interest-only, part repayment product earlier this week.

The move means Abbey is the first lender return to the sub-2% space since the withdrawal of Tesco’s 1.99% fix earlier this month after less than one month.

The lender will also be reducing rates by up to 0.26% on a number of its buy-to-let deals for non-professional landlords. This follows another  loosening of criteria in this area earlier this week.

Miguel Sard, managing director of Abbey for Intermediaries, said: “With a fantastic rate of 1.99% and available to both homebuyers and remortgagers up to 60% LTV, we expect this great rate to be snapped up within the next seven days.”