Update to Alliance and Leicester's SVR

Following the decision by the Bank of England to increase the base rate at the beginning of July, Alliance and Leicester today confirms a 0.25% increase in its SVR from 7.64% to 7.89%.

SVR and discounted rate mortgages change for new customers from 31 July and for existing customers on 2 August.

Alliance and 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 11 July, with existing borrower products increasing from 1 August.

Alliance and Leicester will be writing to existing mortgage customers to advise them of the change.

Richard Taylor, Head of Mortgages at Alliance and Leicester, said: "Our latest range of mortgages continues to offer great value for money to new and existing customers".

"We have a superb 2 year base rate tracker priced at 5.44% and we have a highly competitive low-start 2 year fixed rate at 5.34%".

"We also have excellent 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.".

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