Operating at rates of 4.39 per cent for the three-year deal and 4.54 per cent for the five-year mortgage, both the updated products include an overpayment facility of 10 per cent.
Early repayment charges of 3 per cent of the amount repaid also exist on the deals with offers reverting to Bank of England Base Rate plus 0.75 per cent (variable) after the initial fixed rate period. A&L’s three and five-year fixed rates are both available at up to 95 per cent LTV.
The lender has also announced reductions to its Feesaver range. A&L’s three-year fixed rate Feesaver has been launched with a rate of 4.89 per cent. Available up to 95 per cent LTV, the product includes no product fee and a free valuation service. The five-year fixed Feesaver starts at 4.99 per cent. Both revert to Bank Base Rate plus 0.95 per cent after the completion of the fixed rate.
Sally Lauder, press manager at A&L, said: “Our latest range is extremely competitive and our repriced three-year and five-year fixed rates offer very attractive rates. We repriced following huge demand for our products and the new rates reflect an upward movement in the swap rates.”
Andy Wilgoss, managing director at Square Mile Mortgage Finance, said: “Its rates are very competitive, providing excellent value. However, what we are seeing from the majority of our clients is a demand for two-year fixed products rather than three or five years.”
He went on to add: “Overall A&L’s range continues to be at the vanguard of the industry.”
