The new mortgage is available from Monday, and offers customers a 1.5% discount for two years then a rate of the Bank of England Base Rate plus 1.50% for the remaining term. There is no arrangement fee and customers can borrow up to 95% of the property value.
Commenting on the new mortgage Paul Cooper, head of mortgages at Alliance & Leicester said: “Alliance & Leicester’s new discounted base rate tracker mortgage is different from the other offers available within our current mortgage range. It provides customers with a very attractive discounted rate and is followed by a lifetime base rate tracker. The early repayment fee period is linked to the benefit the customer receives and reduces after the second year.”
