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Alliance & Leicester launches mortgage deals

Amanda Jarvis

November 10, 2004

They include:

Improved Five Year Fixed Rate
– 4.99% (6.5% APR) fixed until 31st January 2010
– Customers can borrow up to 95% of the property value
– Product fee – £395
– Early repayment charge — 6 months’ gross interest if the mortgage is redeemed before 31st January 2010
– 10% overpayment facility

Improved Two Year Fixed Rate
– 4.79% (6.9% APR) fixed until 31st January 2007
– Customers can borrow up to 95% of the property value
– Product fee – £395
– Early repayment charge — 6 months’ gross interest if the mortgage is redeemed before 31st January 2007
– 10% overpayment facility

New Long Term Base Rate Tracker
– 4.75% (5.9% APR) for one year then Bank of England Base Rate plus 1% for life of the mortgage
– Customers can borrow up to 95% of the property value
– No early repayment charge
– Product fee – £395
– Full flexible features

New Low Start 2 Year Discount FeeSaver
– 2.4% discount off Alliance & Leicester’s Standard Variable Rate (currently 6.84%) for two years, then one year tracking the Bank of England base rate plus 1.25%. Current rate for 2 Years: 4.44% (6.7% APR)
– Early repayment charge –
1 year -1% of the amount repaid
2 years – 2%
3 years – 2%
* Customers can borrow up to 95% of the property value
* No product fee
* 10% overpayment facility

Paul Cooper, Head of Mortgages at Alliance & Leicester said: “Our latest range of mortgages is extremely competitive and demonstrates our ongoing commitment to offer great value mortgage products. Alliance & Leicester is the first lender to re-price its five year fixed rate mortgage at under five per cent. This product represents a fantastic deal to borrowers who want the security of fixed monthly payments over a longer term.

“Our Feesaver option, which is available on most of our mortgages, continues to be a popular choice for first time buyers who like the fact that there is no up-front product fee to pay, cashback to help with legal expenses and a refund of the valuation fee. On all our products customers can borrow up to 95% loan to value.”


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