Alliance & Leicester SVR raised

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Alliance & Leicester SVR raised

Fri 27th Jul 2007

Alliance and Leicester has raised its standard variable rate (SVR) on its mortgage offering by 0.25 per cent.

In light of the Bank of England's decision earlier this month to raise the base rate of inflation, Alliance and Leicester has opted to raise its SVR, as well as the rate on its products that track the Bank's rate.

The SVR and discounted rate mortgage will change for new customers from 31st July and for existing customers from August 2nd.

For customers of its new tracker products, the change will come into effect on July 11th, with existing tracker products being upgraded on August 1st.

Richard Taylor, head of mortgages at Alliance & Leicester, asserted that the range "continues to offer great value for money".

"We have a superb two-year base rate tracker priced at 5.44 per cent and we have a highly competitive low-start two-year fixed rate at 5.34 per cent," he said.

"We also have excellent FeeSaver deals which are ideal for first time buyers who want to minimise up-front fees."

The bank also announced its range of variable rate savings accounts will mirror the base rate increase of 0.25 per cent, except for Direct Saver which moves up to 6.30 per cent AER.

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