Alliance & Leicester is launching a new range of mortgages, which are available from Tuesday 20 September and include:
Two Year Fixed Rate
4.19 per cent (5.3 per cent APR) fixed until 31 December 2007, then Bank of England Base Rate plus 0.75 per cent for the life of the mortgage
Customers can borrow up to 95 per cent of the property value
Product fee - £395
Early repayment charge – 3 per cent of the outstanding balance if the mortgage is redeemed before 31 December 2007
10 per cent overpayment facility
Intermediary special - remortgage two-year fixed rate (with incentives)
4.38 per cent (5.3 per cent APR) fixed until 31 December 2007, then Bank of England Base Rate plus 0.75 per cent for the life of the mortgage
Customers can borrow up to 95 per cent of the property value
Product fee - £495
Free valuation
Customers receive £250 cashback or Free Mortgage Transfer Service
Early repayment charge – 3 per cent of the outstanding balance if the mortgage is redeemed before 31 December 2007
10 per cent overpayment facility
Three Year Fixed Rate
4.24 per cent (5.2 per cent APR) fixed until 31 December 2008, then Bank of England Base Rate plus 0.75 per cent for the life of the mortgage
Customers can borrow up to 95 per cent of the property value
Product fee - £395
Early repayment charge – 3 per cent of the outstanding balance if the mortgage is redeemed before 31 December 2008
10 per cent overpayment facility
Mehrdad Yousefi, head of intermediary mortgages at A&L said: “We’ve pulled out all the stops with this latest product range. Yet again, we’ve been able to re-price our two and five-year fixed rates downwards and offer cracking, rock bottom rates with no extended tie-ins. All this year we’ve been consistently competitive with our fixed rates staying one step ahead of the competition and we’re delighted to offer all these deals to our broker customers.
“We’re also introducing a special two-year fixed remortgage deal only available to brokers. This product offers a highly competitive rate with incentives such as free valuation plus free legals or cashback.
“There’s even more good news on the product front, as we’ve also designed a new three-year fixed rate deal. This is a brand new deal and has been designed as a direct result of broker feedback and demand.”
