Lenders alter mortgage deals

Two of the UK's largest lenders have withdrawn some of their mortgages and repriced others.

Alliance & Leicester has announced that it is no longer offering its 4.99 per cent two-year fixed-rate deal.

Meanwhile, Nationwide has withdrawn a number of deals and increased rates on some of its tracker and fixed-rate deals by up to 0.6 per cent.

Explaining why the 4.99 per cent two-year fixed-rate deal was withdrawn, Alliance & Leicester's head of mortgage products said that it was down to increased demand.

"Over the past few days we have seen a high demand for our 4.99 per cent two-year fixed-rate product and therefore we have taken the decision to remove it from the range," commented Richard Taylor.

He explained that the product was no longer available in order to help the firm "manage the volume of business we are receiving at present".

Current applications for the mortgages which are in the process of going through will not be affected by the withdrawal.

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