The range includes a reduced two-year fixed rate at 4.99 per cent, allowing clients to borrow up to 95 per cent loan-to-value (LTV) with a maximum loan of £250,000. The fee is £999.
Download our news ticker
A three-year fixed rate at 5.29 per cent, with a fee of £599 and a maximum loan of £999,999 is also available.
In addition, the five-year fixed rate has also been reduced to 5.33 per cent. This product has a product fee of £599 and the maximum loan is £999,999.
All products have an early repayment charge (ERC) of 3 per cent of the outstanding balance left on the term. A 10 per cent overpayment facility is available. Deals revert to standard variable rate, currently 7.39 per cent after the fixed period.
Get the daily news delivered to your inbox
Stephen Leonard, director of mortgages at Alliance & Leicester, said: “With growing uncertainty about the direction of interest rates in 2007, we’re offering rates to give borrowers that all-important budgetary certainty.
“We’ve reduced the rates on all our fixed products to introduce some cracking headline rates while still offering a wide choice of deals to suit borrowers’ individual needs – whatever their circumstances.”
Find out more about this weeks industry news
Darren Pescod, managing director of The Mortgage Broker, commented: “The rates are competitive on all fronts including the administration fees, redemption penalties and LTVs. A&L should see an increase in applications based on these products. Let’s hope it doesn’t suffer processing delays due to the increase in volumes as it is experiencing on self-cert and buy-to-let products.”
