The lender has specifically looked to expand its self-cert offering. The self-cert deals include a two-year fixed rate at 5.34 per cent up to a loan-to-value (LTV) of 85 per cent. Another two-year fix is available at 5.84 per cent up 90 per cent.
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Both have an arrangement fee of £1,999 and early repayment charges (ERCs) of 6 per cent until 30 June 2009.
A self-cert two-year tracker has also been added at Bank Base Rate minus 0.10 per cent, giving a current pay rate of 5.15 per cent. It has a maximum LTV of 85 per cent, an arrangement fee of £1,399 and ERCs of 6 per cent to 30 June 2008 and 5 per cent to 30 June 2009.
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The range includes a near-prime two-year fix at 5.69 per cent up to 80 per cent LTV, with an arrangement fee of £1,999 and ERCs of 6 per cent until 30 June 2009.
Jeremy Claridge, head of specialist mortgages at Alliance & Leicester, said: “We’ve been doing a lot of work with brokers to further improve our self-cert proposition to ensure we’re clear on the information we require to service applications even more quickly. If brokers can provide details of an applicant’s profession and the declared income is reasonable, we can give a quick decision.”
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However, Ashley Clark, director of Need An Adviser.com, said: “The market seems to be moving to trying to hoodwink clients with headline rates and charging a huge fee, but I don’t believe this is treating customers fairly. It totally contravenes what the regulator is trying to achieve by treating customers with respect.”
