Buy-to-let and remortgage deals

Wednesday, 05 March 2008 12:01

Three and five-year fixed rate mortgages and a base rate tracker remortgage deal are among the products being unveiled today by Alliance & Leicester.

They are part of the bank's newly-launched range of residential and buy-to-let products and are being rolled out as Alliance & Leicester announces it has maintained rates on its existing fixed-rate mortgages.

Among the new products is a three-year fixed rate mortgage at 5.35 per cent, which has a maximum loan-to-value (LTV) of 90 per cent and comes with a two per cent arrangement fee.

The five-year fixed-rate mortgage has the same features but the rate is 5.79 per cent.

The two-year remortgage base rate tracker, meanwhile, has a rate of 6.04 per cent plus 0.79 per cent above the Bank of England base rate. It has an LTV of 90 per cent, a two per cent arrangement fee and there is no early repayment charge.

The buy-to-let deal comes with a rate of 6.29 per cent plus 2.19 per cent above the base rate, an LTV of 75 per cent and a 2.5 per cent arrangement fee.

Richard Taylor, head of mortgages at Alliance & Leicester, said: "The new mortgage base rate tracker is a good option for people who are coming to the end of their existing deal as it will allow them to move to Alliance & Leicester at a low cost.

"We have a further addition to our buy-to-let portfolio with a fixed fee product to help landlords with smaller mortgages."

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