Alliance & Leicester mortgage rates cut

Date:Thursday 30th October 2008

Alliance & Leicester mortgage rates are being cut on fixed-rate products.

The new deals, which take effect from today, are available from mortgage brokers, by telephone from Mortgage Direct and from Alliance & Leicester branches.

New mortgage offers are available for two, three and five-year deals.

The two-year fixed-rate mortgage now has its rate fixed until December 31st 2010 and then it will go to the standard variable rate (SVR).

In addition, the three and five-year deals are fixed until December 31st in 2011 and 2013, before the SVR then applies.

There is also a new two-year base tracker mortgage deal, with a rate of 5.79 per cent before the SVR takes its place.

Meanwhile, Nationwide reports that house prices in the UK have fallen for the twelfth consecutive month.

A typical house now costs 14.6 per cent less than it did at this time last year.

While the typical price is now £158,872, nearly £30,000 less than a year ago, it is still almost £30,000 more than five years ago.