New fixed rate mortgage deals from Alliance & Leicester

Alliance & Leicester is launching a new range of prime mortgages, which is available from Wednesday 22 November and includes:

Two Year Fixed Rate

4.84% (7.0% APR) fixed until 31 December 2008, then Standard Variable Rate (currently 7.09%)
Customers can borrow up to 95% of the property value
Product fee - £999
Early repayment charge – 3% of the outstanding balance if the mortgage is redeemed before 31 December 2008
Maximum loan - £250,000
10% overpayment facility

Two Year Fixed Rate

4.99% (7.0% APR) fixed until 31 December 2008, then Standard Variable Rate (currently 7.09%)
Customers can borrow up to 95% of the property value
Product fee - £599
Early repayment charge – 3% of the outstanding balance if the mortgage is redeemed before 31 December 2008
Maximum loan - £250,000
10% overpayment facility

Improved Two Year Fixed Rate FeeSaver (rate reduced by 0.05%)

5.39% (7.0% APR) fixed until 31 December 2008, then Standard Variable Rate (currently 7.09%)
Customers can borrow up to 95% of the property value
No product fee
Free valuation
Remortgage customers receive £250 Cashback or free Mortgage Transfer Service
Early repayment charge – 3% of the outstanding balance if the mortgage is redeemed before 31 December 2008
10% overpayment facility

Stephen Leonard, Director of Mortgages at Alliance & Leicester comments: “Our fixed rate mortgages continue to offer real value for money with a choice of deals available below 5% which is ideal for those borrowers who want budgetary certainty from their monthly payments. We’ve also been able to reduce the rate on our FeeSaver deal which will particularly appeal to first time buyers and remortgagers who want to minimise their up-front costs.”