New tracker mortgage at Alliance & Leicester
Wednesday, 12 Nov 2008 11:29
Alliance & Leicester has created a new two-year tracker mortgage with a rate of 4.89 per cent.
The launch of the new Two Year Base Rate Tracker marks the bank's re-entry to the tracker market.
The mortgage is set at the Bank of England base rate plus 1.89 per cent, it comes with one per cent arrangement fee and allows customers to borrow up to 60 per cent of the property value.
Alliance & Leicester is also introducing a new Two-Year Fixed-Rate mortgage with a 4.49 per cent interest rate.
It is also for loans of up to 60 per cent of the property value and includes a ten per cent overpayment facility.
Richard Taylor, head of mortgage products at the bank, said: "We have enhanced our current range of mortgages by reintroducing a two-year tracker product into the portfolio and a new two-year fixed rate.
"They are very competitive products offering customers the choice of setting their monthly payments or tracking the Bank of England base rate."