Alliance & Leicester launches new fixed rate mortgage deals

Alliance & Leicester is launching a highly competitive new range of mortgages, which are available from Monday 2 April and include:

Two Year Fixed Rate (rate reduced)

4.99% (7.2% APR) fixed until 30 April 2009, then Standard Variable Rate (currently 7.39%)
Customers can borrow up to 95% of the property value
Product fee - £999
Maximum loan - £250,000
Early repayment charge – 3% of the outstanding balance if the mortgage is redeemed before 30 April 2009
10% overpayment facility

Three Year Fixed Rate (rate reduced)

5.29% (7.1% APR) fixed until 30 April 2010, then Standard Variable
Rate (currently 7.39%)
Product fee - £599
Maximum loan - £999,999
Early repayment charge – 3% of the outstanding balance if the mortgage is redeemed before 30 April 2010
10% overpayment facility

Five Year Fixed Rate (rate reduced)

5.33% (6.8% APR) fixed until 30 April 2012, then Standard Variable
Rate (currently 7.39%)
Product fee - £599
Maximum loan - £999.999
Early repayment charge – 3% of the outstanding balance if the mortgage is redeemed before 30 April 2012
10% overpayment facility

Stephen Leonard, Director of Mortgages at Alliance & Leicester said: “With growing uncertainty about the direction of interest rates in 2007, we’re offering some market leading fixed rates to give borrowers that all-important budgetary certainty. We’ve reduced the rates on all our fixed rate mortgages to introduce some truly cracking headline rates whilst still offering a wide choice of deals to suit borrowers’ individual needs – whatever their circumstances!”