Alliance & Leicester cuts mortgage SVR

Alliance & Leicester cuts mortgage rates

Alliance & Leicester has cut rates on all the products in its fixed-rate mortgage portfolio.
Borrowers face £300m SVR mortgage payment rise

More than a million people will be hit by standard variable rate (SVR) mortgage hikes today – adding a collective £300 million to repayments over the next year.

Tuesday, 21 October 2008 12:00

Mortgage-holders on Alliance & Leicester's standard variable rate (SVR) will see their repayments fall by 0.25 per cent.

The building society has announced it is to cut the SVR from 7.19 per cent to 6.94 per cent from Thursday October 30th.

Existing customers on its SVR or SVR-related discounted products will notice the change in the mortgage rate from Sunday November 2nd.

The move comes after the rate on Alliance & Leicester's Base Rate Tracker products for new customers fell by 0.50 per cent earlier this month.

This was altered in line with the Bank of England's 0.50 per cent cut the base rate.

Alliance & Leicester reminded existing customers with a base rate tracker mortgage that they would see their rate drop by 0.50 per cent on Saturday November 1st.

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