New Alliance & Leicester mortgage launched

Date:Monday 27th April 2009
Author: Susanna Kavka

Alliance & Leicester has announced that it has launched a new mortgage product.

The firm has released a two-year tracker deal set at base rate plus 2.45 per cent, meaning it is currently charging 2.95 per cent.

Consumers wishing to sign up to the product have to pay a fee of £499 and the mortgage is available for loan-to-values (LTVs) of up to 75 per cent.

Alliance & Leicester is offering the mortgage to homebuyers and remortgagers borrowing up to £250,000.

Commenting on the deal, mortgage director at the firm Nici Audhlam-Gardiner said: "We remain committed to offering borrowers highly competitive deals whether remortgaging or buying a new home."

She added that research conducted by Alliance & Leicester found that a third of people seeking to remortgage will be looking for a tracker product.

Recently, HSBC revealed that it has allocated an additional £1 billion to a new range of mortgages with LTVS of up to 90 per cent.