Alliance & Leicester announces fixed rate mortgage cuts
Mortgage borrowers may be interested to hear that cuts have been implemented to Alliance & Leicester's fixed rate mortgage range.
Alliance & Leicester has announced that it is to cut the rates on its fixed rate mortgages, bringing welcome relief to over-stretched borrowers.The bank said all of its fixed rate products will be reduced by between 0.2 per cent and 0.3 per cent compared to its previous offerings.
Head of mortgage products Richard Taylor said: "We are reducing rates on all of our fixed rate products in the mortgage portfolio, which is great news for people looking for a new deal."
Customers can choose from a two year fixed deal with a rate of 5.79 per cent or a three year fixed deal with a rate of 5.94 per cent. Both have a 75 per cent loan to value and a ten per cent overpayment facility.
Also on offer is a five year fee saver fixed deal with a rate of 6.59 per cent. This mortgage has no product fee and comes with a free valuation.
The change to Alliance & Leicester's fixed rate mortgages come after the Bank of England cut base rates by 0.5 per cent earlier this month. It is widely expected to make a further cut in November.
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