Further cuts to Alliance and Leicester fixed rate mortgages

Alliance and Leicester is cutting all of its fixed rates deals for customers seeking up to 75% loan-to-value.

Two and five year fixed rates are cut by 0.20% and three year fixed rate deals are now 0.15% lower.

The new offers are available from Thursday 6 November 2008 via brokers, Alliance and Leicester branches and by telephone from Mortgage Direct and include: Two Year Fixed Rate 5.59% (previously 5.79%): Fixed until 31 December 2010, then Standard Variable Rate (currently 6.94%).

1% product arrangement fee.

Customers can borrow up to 75% of the property value.

10% overpayment facility.

Maximum loan ?1 million.

Five Year FeeSaver Fixed Rate 6.39% (previously 6.59%): Fixed until 31 December 2013, then Standard Variable Rate (currently 6.94%).

No product fee.

Customers can borrow up to 75% of the property value.

10% overpayment facility.

Maximum loan ?1 million.

Free valuation.

Remortgage customers get ?200 cashback or free Mortgage Transfer Service.

Three Year Fixed Rate 5.79% (previously 5.94%): Fixed until 31 December 2011, then Standard Variable Rate (currently 6.94%).

?599 product arrangement fee.

Customers can borrow up to 75% of the property value.

10% overpayment facility.

Maximum loan ?1 million.

Richard Taylor, Head of Mortgage Products at Alliance and Leicester, comments: "Lower Swap rates mean we have been able to cut our fixed rate mortgage products, which is great news for those looking for a new deal of up to 75% of the value of their home.

Our fixed rate mortgages offer competitive rates for those who seek budgetary certainty by fixing their monthly payments.".

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