Alliance & Leicester is re-entering the tracker market with a very competitive two year product featuring a market leading rate of 4.89 per cent.
A new two year fixed rate at 4.49 per cent is also being added to the range. The new offers will be available from Friday 14 November 2008 via brokers, Alliance & Leicester branches and by telephone from Mortgage Direct and include:
The two year fixed rate at 4.49 per cent is fixed until 31 December 2010, then standard variable rate thereafter. There’s a one per cent product arrangement fee and customers can borrow up to 60 per cent of the property value. Borrowers can overpay by 10 per cent of the outstanding loan per year.
The two year base rate tracker at 4.89 per cent is set at bank base rate +1.89 per cent then standard variable rate. The arrangement fee is again one per cent of the loan and the maximum loan to value is 60 per cent. The loan comes with full flexible features.
Richard Taylor, head of mortgage products at Alliance & Leicester, commented: "We have enhanced our current range of mortgages by reintroducing a two year tracker product into the portfolio and a new two year fixed rate. They are very competitive products offering customers the choice of setting their monthly payments or tracking the Bank of England base rate."
