A&L overhauls range

By Ariane Buteux

17 Oct 2007

Available via the Bank’s branches, Mortgage Direct and brokers from 17 October, the adjustments include:

Three Year Fixed Rate 5.99 per cent (previously 6.12 per cent)

Fixed until 30 November 2010, then Standard Variable Rate (currently 7.89 per cent)
Product fee - £599
Customers can borrow up to 95 per cent of the property value
Early repayment charges apply until 30 November 2010
10 per cent overpayment facility
Maximum loan £1 million

Three Year Fixed Rate – FeeSaver 6.24 per cent (previously 6.39 per cent)

Fixed until 30 November 2010, then Standard Variable Rate (currently 7.89 per cent)
No product fee
Customers can borrow up to 95 per cent of the property value
Early repayment charges apply until 30 November 2010
10 per cent overpayment facility
Maximum loan £1 million
Free valuation
Remortgage customers get £250 Cashback or free Mortgage Transfer

Five Year Fixed Rate 5.99 per cent (previously 6.12 per cent)

Fixed until 30 November 2012, then Standard Variable Rate (currently 7.89 per cent)
Product fee - £599
Customers can borrow up to 95 per cent of the property value
Early repayment charges apply until 30 November 2012
10 per cent overpayment facility
Maximum loan £1 million

Five Year Fixed Rate - FeeSaver 6.24 per cent (previously 6.39 per cent)

Fixed until 30 November 2012, then Standard Variable Rate (currently 7.89 per cent)
No product fee
Customers can borrow up to 95 per cent of the property value
Early repayment charges apply until 30 November 2012
10 per cent overpayment facility
Maximum loan £1 million
Free valuation
Remortgage customers get £250 cashback or free Mortgage Transfer

Richard Taylor, head of mortgage products at Alliance & Leicester, said: “We are reducing the prices on our three and five year fixed rate mortgages, which is great news for those wanting to fix their mortgage payments for a longer period.

“These deals are available to both new and existing customers, with the option of a lower rate and a fee of just £599 or a slightly higher rate and the benefit of no fees, as well as free valuation and legal fees.”