Latest mortgage news from Alliance and Leicester

Alliance and Leicester has updated its range of prime mortgages, which is available from Wednesday 11 July.

Despite last week's rate rise, Alliance and Leicester has once again been able to buy money at lower rates on the money markets and is able to pass these onto customers with some extremely competitive mortgages.

Fixed rate deals continue to be extremely popular with both purchase and remortgage customers as well as first time buyers who appreciate the reassurance of a fixed monthly mortgage payment.

The latest deals include: Two Year Fixed Rate: 5.79% (7.6% APR) fixed for two years (up to 31 August 2009), Customers can borrow up to 95% of the property value, Product fee - £999, Early repayment charges apply until 31 August 2009, 10% overpayment facility, Maximum loan - £250,000.

Three Year Fixed Rate: 6.14% (7.5% APR) fixed for three years (up to 31 August 2010), Customers can borrow up to 95% of the property value Product fee - £599, Early repayment charges apply until 31 August 2010, 10% overpayment facility, Maximum loan - £999,999.

Feesaver Two Year Fixed Rate: Fixed at 6.34% (7.7% APR)for two years (up to 31 August 2009), Customers can borrow up to 95% of the property value, No product fee, Free valuation, Remortgage customers receive £250 Cashback or free Mortgage Transfer Service, Early repayment charges apply until 31 August 2009, 10% Overpayment facility, Maximum loan upped to £999,999.

Richard Taylor, Head of Mortgages at Alliance and Leicester, comments: "Our fixed rate mortgages continue to be highly competitive and allow borrowers to benefit from the security of a fixed monthly payment at a great low rate.

" Our Feesaver option continues to be a very popular choice for first time buyers and remortgage customers who don't want any up-front fees.

On all our products we offer up to 95% loan to value.".

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