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New fixed rate deals
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Alliance & Leicester reduce fixed rate mortgages
Wednesday 3 November 2008
By Becca Talbot becca.talbot@consumerchoices.co.uk
Alliance & Leicester has launched a new portfolio of mortgage products, with fixed rate mortgages reduced by up to 0.90%.
The new products from Alliance & Leicester (www.alliance-leicester.co.uk) will be available from tomorrow (4 December 2008) and include a 2-year fixed rate mortgage at 4.94%, another 2-year fixed rate mortgage at 4.99%, and a 2-year Fixed Rate FeeSaver mortgage at 5.59%, which has no arrangement fees.
Richard Taylor, Head of Mortgage Products at Alliance & Leicester, said: “I am delighted to announce these rate reductions to our fixed rate mortgage products, and I am sure they will be very appealing to customers.”
He continued: “Alliance & Leicester offer a range of products with different arrangement fee levels, or even no fee at all, meaning customers can select the mortgage that best suits their needs.”
All three of the new mortgage products allow customers to borrow up to 75% of the property’s value and offer a 10% overpayment facility.
Michelle Slade from financial website Moneyfacts.co.uk said: "It is good to see Alliance & Leicester passing the rate cuts on. The rates being offered are just below the market leaders, so undoubtedly will be popular in today's market. It shows that Alliance & Leicester is willing to lend and hopefully other lenders will follow suit in the near future."
Chris Eagle, commercial manager at CreditChoices.co.uk said: “These new mortgage products are a good option for those wanting to fix their mortgage payments, however with it looking likely that the Bank of England base rate may be reduced again, it may be worth considering a tracker deal which would allow you to benefit from further rate cuts.”
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