As part of the changes, three and five-year fixed rate deals have been reduced. The lender’s three-year fixed rate has been reduced to 5.99 per cent, from 6.12 per cent, fixed until November 2010. A product fee of £599 exists, with a maximum loan-to-value (LTV) of 95 per cent. A maximum loan of £1 million is in operation with the ability to make 10 per cent of overpayments.
A&L’s five-year fixed rate deal is available on the same rate, while its three-year FeeSaver and five-year FeeSaver have both been reduced from 6.39 per cent to 6.24 per cent. Free valuations, refunded on completion are available with the FeeSaver options, with a maximum loan of £1 million set. A LTV of 95 per cent is in operation, with no product fee attached.
Richard Taylor, head of mortgage products at A&L, said: “We are reducing the prices on our three and five-year fixed rates, which is great news for those wanting to fix their mortgage payments for a longer period.”
James Cotton, mortgage specialist at London & Country, said: “It is good to see a lender taking advantage of lower swap rates. It is some way from the top of the tree, but it is a positive step.”
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