Alliance and Leicester - new mortgage deals

Edited by the Insidemoneytalk editorial team Mar 1, 2007

AandL launches brand new stepped mortgage Improved range of mortgages

Alliance and Leicester is launching a new range of mortgages, which are available from Wednesday 28 February and include: New Stepped Mortgage 4.99% (7.6% APR) fixed for two years, then tracking Bank of England Base Rate plus 0.74% for one year (currently 5.99%) then Standard Variable Rate (currently 7.39%) Customers can borrow up to 95% of the property value Product fee - GBP999 Maximum loan - GBP999,999 Early repayment charge - 3% of the outstanding balance if the mortgage is redeemed during the three year offer period 10% overpayment facility Remortgage Two Year Base Rate Tracker Bank of England Base Rate (BBR) minus 0.12% for two years, current rate 5.13% (6.3% APR) then tracking BBR plus 0.99% (currently 6.24%) Customers can borrow over 90% of the property value Product fee - GBP599 Early repayment fee - 3% of the outstanding balance if the mortgage is redeemed during the two year offer period Free valuation' GBP250 cashback or Mortgage Transfer Service Full flexible features Maximum loan - GBP999,999 New Five Year Discount (reduced rate) 2.16% discount off Alliance and Leicester's Standard Variable Rate (currently 7.39%) for five years - current rate: 5.23% (6.7% APR) Early repayment fee - 3% of the outstanding balance if the mortgage is redeemed during the offer period Customers can borrow up to 95% of the property value Arrangement fee - GBP599 Full flexible features Stephen Leonard, Director of Mortgages at Alliance and Leicester said: "First time buyers are the life blood of the housing market and so we've responded to their needs by launching a new stepped deal aimed at keeping their costs low during the early years of homeownership.

This deal combines the certainty of a two year fixed rate at 4.99% with the transparency of a third year tracking the Bank of England Base Rate." For further information on Alliance and Leicester mortgage offers, customers should visit their local Alliance and Leicester branch, speak to their mortgage intermediary, call Mortgage Direct on 0845 303 3000 (8am - 9pm Monday to Friday, 9am - 5pm Saturday, 10am - 4pm Sunday) or go online at http://www.alliance-leicester.co.uk/.