Alliance & Leicester launches new mortgage deals

Alliance & Leicester is launching a new range of mortgage products, which will be available via brokers, branches and their call centre from Tuesday 3 June 2008.

The new portfolio includes a wide range of mortgage products with different features enabling customers to choose what term to fix over, whether to go for a no fee product, or a product that tracks the Bank of England base rate.

The new range includes:

Two Year Base Rate Tracker - 5.89%

5.89% (BBR +0.89%), then Base Rate +1.49%
Customers can borrow up to 75% of the property value
2% product arrangement fee
Maximum loan - £1 million
No early repayment charge
Full flexible features

Two Year Fixed Rate - 6.14%

6.14% fixed until 31 August 2010, then Standard Variable Rate
Customers can borrow up to 75% of the property value
2% product arrangement fee
Maximum loan - £1 million
10% overpayment facility

Five Year Fixed Rate - 7.14%

7.14% fixed until 31 August 2013, then Standard Variable Rate
Customers can borrow up to 90% of the property value
£599 product arrangement fee
Maximum loan - £1 million
10% overpayment facility

In addition to the new range, the bank's Standard Variable Rate, which is currently 7.19%, will no longer be available as a standalone mortgage to new mortgage customers.