The bank will offer a range of buy-to-let, self-certification and near-prime mortgages under the Alliance & Leicester brand.
A dedicated intermediary mortgage centre for specialist lending has been created, as part of the bank’s ongoing commitment to provide a consistent, high impact, efficient service to meet the needs of brokers. The centre will be dedicated to specialist mortgage applications and will offer a complete service from application to completion - incorporating dedicated underwriting - providing an integrated service offering to the intermediary market.
Mehrdad Yousefi, head of intermediary mortgages, commented: “We are delighted to be taking our first steps in the specialist mortgage market. We intend to focus on offering great deals with a consistent and reliable service, supported by our friendly and knowledgeable staff.
“We are very pleased to be working closely with Premier Mortgage Service, who are an outstanding player in the intermediary market. Thousands of brokers will have access to our deals through PMS and to celebrate our launch we will be offering them a £100 bonus procuration fee for each application that goes on to completion.”
John Malone, managing director of Premier Mortgage Service, added: “As a significant facilitator in these sectors, we are delighted to support Alliance & Leicester and assist them with this initial move with the many intermediaries that we have a strong relationship with.”
The range of mortgages includes:
Prime Buy-to-Let Two Year Base Rate Tracker
- Bank of England Base Rate plus 0.49 per cent until 30 September 2008, current rate 4.99 per cent (6.5 per cent APR), then Bank of England Base Rate plus 1.99 per cent, currently 6.49 per cent
- Customers can borrow up to 75 per cent of the property value
- No Higher Lending Charge
- Product fee - £699
- Free valuation
- £250 cashback for remortgage customers
- Early repayment fee – 6 per cent in the first year and 5 per cent in the second year if the mortgage is redeemed during the two year offer period
- Maximum loan - £500,000
- £100 bonus procuration fee for all applications which complete
- 4.90 per cent (6.5 per cent APR) fixed until 30 September 2008, then Bank of England Base Rate plus 1.99 per cent for the life of the mortgage, currently 6.49 per cent
- Customers can borrow up to 85 per cent of the property value
- No Higher Lending Charge
- Product fee - £1,999
- Free valuation
- £250 cashback for remortgage customers
- Early repayment charge – 6 per cent in the first year and 5 per cent in the second year if the mortgage is redeemed before 30 September 2008
- Maximum Loan - £300,000
- £100 bonus procuration fee for all applications which complete
- 5.75 per cent (6.7 per cent APR) fixed until 30 September 2008, then Bank of England Base Rate plus 1.99 per cent for the life of the mortgage, currently 6.49 per cent
- Customers can borrow up to 80 per cent of the property value
- No Higher Lending Charge
- Product fee - £699
- Free valuation
- £250 cashback for remortgage customers
- Early repayment charge – 6 per cent if the mortgage is redeemed before 30 September 2008
- Maximum Loan - £500,000
- £100 bonus procuration fee for all applications which complete
