Alliance and Leicester announces range of new mortgage deals

Published: December 20, 2007

Alliance and Leicester has announced it will launch a new range of residential, buy-to-let and PlusMortgage products tomorrow (December 21st).

Included among the new mortgage products is a two year base rate tracker option, which offers a 5.74 per cent interest rate, 90 per cent loan-to-value (LTV) and a maximum loan of £1 million.

The lender has also added to its range of fixed rate mortgages with a two-year product, offering a 5.87 per cent fixed interest rate and 90 per cent LTV, as well as a 10 per cent overpayment facility.

At the same time, they have expanded their buy-to-let mortgage range with a new two-year base rate tracker product, allowing 85 per cent LTV and an interest rate of 5.79 per cent for landlords.

Richard Taylor, head of mortgages at the Alliance and Leicester, said: "Our fixed rate mortgages remain competitive for those who seek budgetary security and the base rate tracker remains an excellent option for those who hope to take further advantage of any potential rate cuts over the coming year."

Existing customers of the lender are also set to see a cut in rates, with the company set to reduce its standard variable rate by 0.20 per cent to 7.89 per cent on January 2nd, while homeowners with an existing base rate tracker mortgage will receive a 0.25 per cent cut in their interest rates at the same time.