Alliance and Leicester offer new fixed rate mortgages

Mortgage provider Alliance & Leicester has introduced a range of newly priced two, three and five-year residential fixed rate mortgages, with interest rates starting from under five per cent.

The Two Year Fixed Rate comes with a rate of 4.99 per cent for the two-year term, before reverting to the bank's standard variable rate of 7.69 per cent. It features a two per cent arrangement fee and is available on loans to value of up to 90 per cent.

The three and five-year deals feature the same terms, except a slightly higher fixed rate of 5.79 per cent and an additional product fee of £599. All residential loans are available up to £1 million.

Richard Taylor, head of mortgages at Alliance & Leicester, said: "These new reduced fixed rate deals are available to both new and existing customers seeking to buy a home.

"The range of products we have on offer means customers can choose the right package to fit their needs and fix their monthly mortgage payments for two, three or five years.

As well as introducing a new range of buy-to-let fixed rate mortgages, Alliance & Leicester also added a two year 5.94 per cent Base Rate tracker to its portfolio, which includes a one per cent fee and no early redemption charges.

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