Alliance & Leicester launch new mortgage product

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Alliance & Leicester launch new mortgage product

Alliance & Leicester is launching a new mortgage product which will be available via brokers, branches or Mortgage Direct.

The two-Year Base Rate Tracker boasts a headline rate of 5.98 per cent and will allow customers to borrow up to 75 per cent of the property value.

The maximum loan available through the product will be £1 million, with a £999 product arrangement fee applicable.

Richard Taylor, head of mortgage products at Alliance & Leicester said: "The addition of this new product to our mortgage portfolio demonstrates Alliance & Leicester's commitment to the mortgage market.

"With both flexible features and a headline rate below six per cent, it represents a great deal for both new and existing customers - particularly as fixed rate pricing continues to rise across the market."

According to Moneyfacts.co.uk, the average rate for two-year fixed rate mortgages available on the market has just broken the seven per cent barrier and has now reached 7.02 per cent.

People looking to fix their mortgages for five years are faced with a 6.82 per cent average rate.

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