Alliance & Leicester reduces rates on fixed rate mortgages

Alliance & Leicester is announcing a new portfolio of mortgage products, with fixed rate mortgages being reduced by up to 0.90%. The new products will be available from Thursday 4 December 2008 and include:

Two Year Fixed Rate 4.94% (previously 5.79%)

Fixed until 31 December 2010
£599 product arrangement fee
Customers can borrow up to 75% of the property value
10% overpayment facility
Maximum loan £250,000

Two Year Fixed Rate 4.99% (previously 5.59%)

Fixed until 31 December 2010
1% product arrangement fee
Customers can borrow up to 75% of the property value
10% overpayment facility
Maximum loan £1 million

Two Year Fixed Rate FeeSaver 5.49% (previously 6.39%)

Fixed until 31 December 2010
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

Richard Taylor, Head of Mortgage Products at Alliance & Leicester, comments: "I am delighted to announce these rate reductions to our fixed rate mortgage products, and I am sure they will be very appealing to customers. We offer a range of products with different arrangement fee levels or even no fee at all meaning customers can select the mortgage that best suits their needs."