The new product is available to homebuyers and remortgagers borrowing up to £250,000.
The best-buy tracker launch follows the new fee-free 3 and 4-year fixed rate remortgage and homebuyer deals, launched last week, offering rates of 4.69% and 4.79% respectively and available up to 75% LTV.
Nici Audhlam-Gardiner, Alliance & Leicester mortgage director, commented: "We remain committed to offering borrowers highly competitive deals whether remortgaging or buying a new home. Abbey Mortgages research shows that for those looking to remortgage, a third are looking for a tracker and of those, over half will choose a 2-year tracker. “
