New mortgage deals from Alliance and Leicester from 5 March

Alliance and Leicester is launching a new range of residential and Buy to Let products, which are available from Wednesday 5 March 2008.

The range includes new three and five year fixed rate products and a new Base Rate tracker remortgage offer.

The bank has also been able to maintain the rates on many of its existing fixed rate products Three Year Fixed Rate - 5.34%: 5.34% fixed until 30 April 2011, then Standard Variable Rate.

Customers can borrow up to 90% of the property value.

2% arrangement fee.

Maximum loan - £1 million.

10% overpayment facility.

Five Year Fixed Rate - 5.79%: 5.79% fixed until 30 April 2013, then Standard Variable Rate.

Customers can borrow up to 90% of the property value.

2% arrangement fee.

Maximum loan - £1 million.

10% overpayment facility.

Two Year Remortgage Base Rate Tracker - 6.04%: 6.04% (BBR +0.79%), then Base Rate +0.99%.

Customers can borrow up to 90% of the property value.

2% arrangement fee.

Maximum loan - £1 million.

No early repayment charge.

Free valuation[1].

£200 cashback or Mortgage Transfer Service[2].

Full flexible features[3].

Buy to Let Two Year Fixed Rate -5.34% (previously 5.44%): 5.34% fixed until 30 April 2010, then Base Rate +2.14%.

Customers can borrow up to 85% of the property value.

2.50% arrangement fee.

100% rental cover at Pay Rate up to 75% LTV; up to 115% rental cover at Pay Rate (with earned income) or 120% rental cover at Pay Rate (no earned income).

Maximum loan - £500,000.

10% overpayment facility.

Buy to Let Two Year Fixed Rate - 6.29%: 6.29% fixed until 30 April 2010, then Base Rate +2.14%.

Customers can borrow up to 85% of the property value £999 arrangement fee.

100% rental cover at Pay Rate up to 75% LTV; up to 115% rental cover at Pay Rate (with earned income) or 120% rental cover at Pay Rate (no earned income).

Maximum loan - £250,000.

10% overpayment facility Richard Taylor, Head of Mortgages at Alliance and Leicester comments: "The introduction of these new products reinforces Alliance and Leicester's commitment to the mortgage market.

"The new remortgage Base Rate Tracker product is a good option for people who are coming to the end of their existing deal as it will allow them to move to Alliance and Leicester at a low cost.

"We have a further addition to our Buy to Let portfolio with a fixed fee product to help landlords with smaller mortgages and we have reduced the rates on our existing two and three year fixed rate products, offering landlords a choice of rate, fee and term in which to fix their payments." 1.

Free valuation - refunded upon completion.

2.

Mortgage Transfer Service - offers convenience for customers, speeds up the remortgage process and helps to remove or lower the associated legal costs.

3.

Full flexible features - allows customers to overpay every month by any amount, or in lump sums of £500 or more.

With the overpayment 'credit' customers can build up they can borrow money back, take payment holidays or pay less in some months.

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