Legal & General and Alliance & Leicester remortgage deal launched

Date:Monday 19th January 2009
Author: Rachel Fletcher

A new Legal & General remortgage deal with Alliance & Leicester has been announced.

Available for a maximum loan-to-value of 60 per cent, the offer carries an arrangement fee of £1,499.

Legal & General head of mortgages Martyn Smith commented: "There haven't been too many exclusive deals in the market recently, so hopefully this is a sign of things to come."

He added that it offers security in "turbulent times".

Last week, Alliance & Leicester announced a reduction of its mortgage rates and the release of several new products.

New tracker mortgage products to mirror the recent reduction in the base rate are among the new deals on offer.

For borrowers with deposits of 40 per cent or more, there is a new two-year tracker deal with rates that begin at 3.29 per cent.

If the deposit is 25 per cent, the rates begin at 4.09 per cent.

Both these products last for two years.