New Mortgage Deals From Alliance & Leicester 23 May 2007
- 2 year fixed rate at 5.49%
- 2 year base rate tracker at 5.23%
- Reduced rates on Fixed FeeSaver deals
- Following Bank of England base rate rise, A&L’s SVR to increase
Alliance & Leicester is launching a new range of prime mortgages, which is available from Wednesday 23 May and includes:
Two Year Fixed Rate
- 5.49% (7.5% APR) fixed until 30 June 2009, then Standard Variable Rate (currently 7.64%)
- Customers can borrow up to 95% of the property value
- Product fee - £599
- Early repayment charges apply until 30 June 2009
- Maximum loan - £250,000
- 10% overpayment facility
Two Year Base Rate Tracker
- Bank of England Base Rate minus 0.27% for two years, current rate 5.23% (6.5% APR)
- Customers can borrow up to 95% of the property value
- Product fee - £599
- Early repayment charges apply in the first two years
- Full flexible features1
- Maximum loan - £999,999
Improved Five Year Fixed Rate FeeSaver (rate reduced by 0.11%)
- 5.98% (7.2% APR) fixed until 30 June 2012, then Standard Variable Rate (currently 7.64%)
- Customers can borrow up to 95% of the property value
- No product fee
- Free valuation²
- Remortgage customers receive £250 Cashback or free Mortgage Transfer Service³
- Early repayment charges apply until 30 June 2012
- 10% overpayment facility
- Maximum loan - £999,999
Stephen Leonard, Director of Mortgages at Alliance & Leicester comments:“Our latest range of mortgages offers great value for money to new and existing customers. We have a market-leading 2 year base rate tracker priced at 5.23% and we have a highly competitive 2 year fixed rate at 5.49%. We’ve also improved some of our FeeSaver deals which are ideal for first time buyers who want to minimise up-front fees. These, along with the rest of the range, offer great choice to borrowers, whether they are looking for the security of a fixed rate or the leading headline rate of a variable rate.”
Alliance & Leicester’s SVR
Following the decision by the Bank of England to increase the base rate, Alliance & Leicester has announced a 0.25% increase in its SVR for new customers as from Wednesday 23 May. The SVR will be 7.64% (from 7.39%).
- SVR and discounted rate mortgages change for new customers from 23 May and for existing customers on 2 June. Alliance & Leicester mortgage products that track the Bank of England base rate are also subject to change, increasing by 0.25%. New tracker products increased from 14 May, with existing borrower products increasing from 1 June. Alliance & Leicester will be writing to existing mortgage customers to advise them of the change.
Changes will also be made to Alliance & Leicester’s savings accounts on 2 June and an announcement regarding this will be made in due course.
For further information, please contact:
| Alliance & Leicester Press Office | 0116 200 3355 |
Notes to Editor:
1Full flexible features – allows customers to overpay every month by any amount, or in lump sums of £500 or more. With the overpayment “credit” customers can build up, they can borrow money back, take payment holidays or pay less in some months
²Free valuation – refunded upon completion
³Mortgage Transfer Service – offers convenience for customers, speeds up the remortgage process and helps to remove or lower the associated legal costs
Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.
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