Alliance & Leicester launches new mortgage deals

Alliance & Leicester is launching a new range of residential and Buy to Let products, which are available from Wednesday 5 March 2008.

The range includes new three and five year fixed rate products and a new Base Rate tracker remortgage offer. The bank has also been able to maintain the rates on many of its existing fixed rate products.

Three Year Fixed Rate – 5.35%

5.35%fixed until 30 April 2011, then Standard Variable Rate
Customers can borrow up to 90% of the property value
2% arrangement fee
Maximum loan - £1 million
10% overpayment facility

Five Year Fixed Rate – 5.79%

5.79%fixed until 30 April 2013, then Standard Variable Rate
Customers can borrow up to 90% of the property value
2% arrangement fee
Maximum loan - £1 million
10% overpayment facility

Two Year Remortgage Base Rate Tracker – 6.04%

6.04% (BBR +0.79%), then Base Rate +0.99%
Customers can borrow up to 90% of the property value
2% arrangement fee
Maximum loan - £1 million
No early repayment charge
Free valuation
£250 cashback or Mortgage Transfer Service
Full flexible features

Buy to Let Two Year Fixed Rate – 5.34% (previously 5.44%)

5.34% fixed until 30 April 2010, then Base Rate +2.19%
Customers can borrow up to 85% of the property value
2.50% arrangement fee
100% rental cover at Pay Rate up to 75% LTV; up to 115% rental cover at Pay Rate (with earned income) or 120% rental cover at Pay Rate (no earned income)
Maximum loan - £500,000
10% overpayment facility

Buy to Let Two Year Fixed Rate – 6.29%

6.29% fixed until 30 April 2010, then Base Rate +2.19%
Customers can borrow up to 85% of the property value
£999 arrangement fee
100% rental cover at Pay Rate up to 75% LTV; up to 115% rental cover at Pay Rate (with earned income) or 120% rental cover at Pay Rate (no earned income)
Maximum loan - £250,000
10% overpayment facility

Richard Taylor, Head of Mortgages at Alliance & Leicester comments: “The introduction of these new products reinforces Alliance & Leicester’s commitment to the mortgage market.

“The new remortgage Base Rate Tracker product is a good option for people who are coming to the end of their existing deal as it will allow them to move to Alliance & Leicester at a low cost.

“We have a further addition to our Buy to Let portfolio with a fixed fee product to help landlords with smaller mortgages and we have reduced the rates on our existing two and three year fixed rate products, offering landlords a choice of rate, fee and term in which to fix their payments.”