New Alliance & Leicester mortgage launched

Date:Thursday 14th May 2009
Author: Susanna Kavka

Alliance & Leicester has announced the launch of a new mortgage aimed at first-time buyers (FTBs).

The home loan is available at a loan-to-value (LTV) of 85 per cent and is a three-year fixed-rate product.

Consumers who opt for the mortgage will pay 5.99 per cent and there is no application fee.

Commenting on the offering, Nici Audhlam-Gardiner, Alliance & Leicester mortgages director, said: "It's hard enough for struggling FTBs to get onto the property ladder at the moment. That's why we've launched this best-buy deal."

She added that, as "every penny counts" at the moment, the no-fee aspect of the product should appeal to potential buyers.

Recently, Coventry announced it was launching a new range of mortgage products for consumers.

Among the offerings is a three-year fixed-rate mortgage charged at 3.99 per cent available for LTVs of up to 65 per cent. The product is fixed until June 30th 2012.