Further cuts to Alliance & Leicester fixed rate mortgages

Alliance & Leicester is cutting all of its fixed rates deals for customers seeking up to 75% loan-to-value. Two and five year fixed rates are cut by 0.20% and three year fixed rate deals are now 0.15% lower.

The new offers are available from Thursday 6 November 2008 via brokers, Alliance & Leicester branches and by telephone from Mortgage Direct and include:.

Two Year Fixed Rate 5.59% (previously 5.79%)

Fixed until 31 December 2010, then Standard Variable Rate (currently 6.94%)
1% product arrangement fee
Customers can borrow up to 75% of the property value
10% overpayment facility
Maximum loan £1 million

Five Year FeeSaver Fixed Rate 6.39% (previously 6.59%)

Fixed until 31 December 2013, then Standard Variable Rate (currently 6.94%)
No product fee
Customers can borrow up to 75% of the property value
10% overpayment facility
Maximum loan £1 million
Free valuation

Remortgage customers get £200 cashback or free Mortgage Transfer Service

Three Year Fixed Rate 5.79% (previously 5.94%)

Fixed until 31 December 2011, then Standard Variable Rate (currently 6.94%)
£599 product arrangement fee
Customers can borrow up to 75% of the property value
10% overpayment facility
Maximum loan £1 million

Richard Taylor, Head of Mortgage Products at Alliance & Leicester, comments: "Lower Swap rates mean we have been able to cut our fixed rate mortgage products, which is great news for those looking for a new deal of up to 75% of the value of their home. Our fixed rate mortgages offer competitive rates for those who seek budgetary certainty by fixing their monthly payments."