Alliance & Leicester mortgage products launched for new year

Date:Thursday 8th January 2009
Author: Max Freedman

Alliance & Leicester mortgage products for remortgages and tracker deals have been released.

Mortgage rates for the new offers begin at 3.49 per cent while remortgage deals give borrowers the option to choose £200 cashback or free legal fees and a valuation fees refund.

The rate on a three-year fixed-rate mortgage is being reduced from 5.49 per cent to 4.99 per cent, with a £599 fee.

Its five-year fixed-rate mortgage rate is being cut from 5.49 per cent to 5.29 per cent, again with a £599 fee.

Richard Taylor, head of mortgage products at Alliance & Leicester, said the lender is "looking for new business in 2009".

Meanwhile, Britannia has cut the mortgage rates on its fixed-rate products.

Rates for its five and ten-year fixed-rate deals start at 4.69 per cent.

Managing director of member business, Tim Franklin, recommended borrowers to opt for long-term fixed rates now as it cannot be certain that interest rates will remain low over the period.