Product category:
Banking / credit / debt
News Release from: Alliance & Leicester | Subject: Mortgage
Edited by the Insidemoneytalk Editorial
Team on 03 April 2007
Alliance and Leicester launches
PlusMortgage
Alliance and Leicester today launches its new 100% plus loan to value (LTV) mortgage, PlusMortgage which combines a mortgage with an unsecured personal loan.
The main features of PlusMortgage are: same low interest rate is applied to the mortgage and personal loan for the term of the agreement High LTV spread - options range from 95% LTV secured plus 30% LTV unsecured to 95% LTV secured plus 5% LTV (max ?25,000 for personal loan) No Higher Lending Charge Unlimited overpayments and no early repayment charges on the unsecured part of loan 10% overpayment facility on the mortgage Better value - rates start at 5.64% ?250 cashback or Mortgage Transfer Service available for remortgage customers Responsible lending - borrowers must have a minimum income of ?18,000 Available for employed and self-employed borrowers Highly competitive procuration fee Jeremy Claridge, Head of Specialist Mortgages at Alliance and Leicester, says: "PlusMortgage offers a great option for many borrowers wanting to purchase their dream home" "First time and next time buyers with little or no deposit, people requiring funds for home improvements, fees or stamp duty can get a very competitive deal with our new range." Jeremy Claridge continues: "PlusMortgage is highly competitive when compared against similar products in the market"
This article was originally published on Insidemoneytalk on 22 Feb 2007 at 8.00am (UK)
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"Alliance and Leicester will offer the lowest "priced" 2 year combined mortgage and personal loan available up to a maximum 125% LTV, at just 5.64%".
"We will also be the only UK mortgage provider to offer options at 100%, 115% and 125% LTV with a facility to make unlimited personal loan overpayments which gives borrowers real flexibility as to how and when to reduce their borrowing." Ray Boulger, Senior Technical Manager at John Charcol comments: "More competition in the 100%+ market will be welcomed by brokers, especially as the product will initially only be available via intermediaries".
"Some good aspects of the PlusMortgage criteria include no unreasonable restrictions on how the unsecured loan element can be used, a valuation fee refund on most products and good indicative income multiples of around 5 times single or joint for most borrowers".
Further reading
Alliance and Leicester is enhancing its range of specialist mortgages.
The new specialist mortgage range is available from Wednesday 7 March and includes:
Alliance and Leicester comments on today's MPC decision to maintain base rate at 5.25%
Stephen Leonard, Director of Mortgages at Alliance and Leicester:
Booming buy-to-let market sees strong reliance by landlords on mortgage advisers
Mortgage advisers are providing a much needed lifeline to nearly three-quarters of landlords (74%) who seek advice, according to research undertaken by BDRC for Alliance and Leicester Mortgages.
"In addition PlusMortgage is available for both purchase and remortgage and, although the unsecured loan must be on a repayment basis, the mortgage is available on repayment or interest only." PlusMortgage 2 Year Fixed Rates 5.64% fixed until 30/04/09 max 125% LTV (min advance ?100,000, max advance ?250,000), ?1,999 Arrangement fee 5.84% fixed until 30/04/09 max 100% LTV, ?999 Arrangement fee, free valuation' 5.94% fixed until 30/04/09 max 115% LTV, ?999 Arrangement fee, free valuation 6.48% fixed until 30/04/09 max 125% LTV, ?999 Arrangement fee, free valuation 6.74% FeeSaver fixed until 30/04/09 max 125% LTV, No arrangement fee, free valuation, Mortgage Transfer Service 3 Year Fixed Rates 6.08% fixed until 30/04/10 max 115% LTV, ?999 Arrangement fee, free valuation 6.48% fixed until 30/04/10 max 125% LTV, ?999 Arrangement fee, free valuation 6.78% FeeSaver fixed until 30/04/10 max 125% LTV, No Arrangement fee, free valuation, Mortgage Transfer Service 5 Year Fixed Rates 6.08% fixed until 30/04/12 max 115% LTV, ?999 Arrangement fee, free valuation 6.48% fixed until 30/04/12 max 125% LTV, ?999 Arrangement fee, free valuation 6.68% FeeSaver Fixed to 30/04/12 max 125% LTV, No Arrangement fee, free valuation, Mortgage Transfer Service.
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