A&L: Interest rate rises need not price out homeowners
www.moneynews.co.uk > Mortgages > A&L: Interest rate rises need not price out homeowners
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A&L: Interest rate rises need not price out homeowners
Fri 1st Sep 2006
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To ensure that people do not steer clear of the property market should interest rates continue to rise, Alliance & Leicester is introducing four new mortgage options to suit anyone in the real estate market, on any budget and with any interest rate.
Director of mortgages, Stephen Leonard, says that giving the public options has improved business.
"Despite the recent increase in the Bank of England base rate, we’ve been experiencing a high level of applications and a growth in the popularity of variable rate deals," he said.
Alliance & Leicester is offering four different fixed rate mortgages from two to five years.
The two year base rate tracker, for example, offers a reduced rate of 0.06 per cent and allows customers to borrow up to 95 per cent of the price of the property.
A two year fixed fee saver option is also available on properties under £1 million. This option offers no product fees and a free valuation.
"In response to this we’ve reduced the rates on our two year base rate trackers to accommodate this demand," Mr Leonard said.
"Our fixed rates continue to be competitive and will suit those who prefer set monthly payments for budgetary certainty."
Customers preferring the three or five year fixed rates benefit with APR’s of 6.6 and 6.4 per cent respectively and early repayment charges of three per cent.
Related News : Mortgages |
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Related News : Alliance & Leicester |
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