Alliance & Leicester increases SVR

Following the decision by the Bank of England to increase the base rate at the beginning of July, Alliance & Leicester today confirms a 0.25% increase in its SVR from 7.64% to 7.89%.

SVR and discounted rate mortgages change for new customers from 31 July and for existing customers on 2 August. Alliance & Leicester mortgage products that track the Bank of England base rate are also subject to change, increasing by 0.25%. New tracker products increased from 11 July, with existing borrower products increasing from 1 August. Alliance & Leicester will be writing to existing mortgage customers to advise them of the change.

Richard Taylor, Head of Mortgages at Alliance & Leicester, said: “Our latest range of mortgages continues to offer great value for money to new and existing customers. We have a superb 2 year base rate tracker priced at 5.44% and we have a highly competitive low-start 2 year fixed rate at 5.34%. We also have excellent FeeSaver deals which are ideal for first time buyers who want to minimise up-front fees. These, along with the rest of the range, offer great choice to borrowers, whether they are looking for the security of a fixed rate or the leading headline rate of a variable rate.”