A&L overhauls range

Available via the Bank’s branches, Mortgage Direct and brokers from 17 October, the adjustments include:

Three Year Fixed Rate 5.99 per cent (previously 6.12 per cent)

• Fixed until 30 November 2010, then Standard Variable Rate (currently 7.89 per cent)
• Product fee - £599
• Customers can borrow up to 95 per cent of the property value
• Early repayment charges apply until 30 November 2010
• 10 per cent overpayment facility
• Maximum loan £1 million

Three Year Fixed Rate – FeeSaver 6.24 per cent (previously 6.39 per cent)

• Fixed until 30 November 2010, then Standard Variable Rate (currently 7.89 per cent)
• No product fee
• Customers can borrow up to 95 per cent of the property value
• Early repayment charges apply until 30 November 2010
• 10 per cent overpayment facility
• Maximum loan £1 million
• Free valuation
• Remortgage customers get £250 Cashback or free Mortgage Transfer

Five Year Fixed Rate 5.99 per cent (previously 6.12 per cent)

• Fixed until 30 November 2012, then Standard Variable Rate (currently 7.89 per cent)
• Product fee - £599
• Customers can borrow up to 95 per cent of the property value
• Early repayment charges apply until 30 November 2012
• 10 per cent overpayment facility
• Maximum loan £1 million

Five Year Fixed Rate - FeeSaver 6.24 per cent (previously 6.39 per cent)

• Fixed until 30 November 2012, then Standard Variable Rate (currently 7.89 per cent)
• No product fee
• Customers can borrow up to 95 per cent of the property value
• Early repayment charges apply until 30 November 2012
• 10 per cent overpayment facility
• Maximum loan £1 million
• Free valuation
• Remortgage customers get £250 cashback or free Mortgage Transfer

Richard Taylor, head of mortgage products at Alliance & Leicester, said: “We are reducing the prices on our three and five year fixed rate mortgages, which is great news for those wanting to fix their mortgage payments for a longer period.

“These deals are available to both new and existing customers, with the option of a lower rate and a fee of just £599 or a slightly higher rate and the benefit of no fees, as well as free valuation and legal fees.”