A&L launches new deals and cuts rates

Alliance & Leicester (A&L) is reducing interest rates for most of its mortgage products, with immediate effect.

Cuts of between 0.10% and 0.55% across all but one of the bank’s home loans are accompanied by the launch of a two-year fixed-rate deal at 5.99%, which is available to both new and existing customers.

A 1% arrangement fee applies and loan-to-value (LTV) ratios of up to 75% can be accommodated, with the maximum loan size being £1,000,000.

The lender is also offering a two-year fix at 6.19% with an arrangement fee of £599.

Another new offering from A&L takes the form of a base rate tracker currently at 6.99% (base rate plus 1.99%) and with no arrangement fee.

The maximum LTV is 85% and new and existing customers of the bank are welcome to apply but only if they are borrowing £1 million or below.

Finally, the lender is cutting the rate on three-year loans of up to £1 million to 6.89%, from 7.09%.

All deals are available via mortgage brokers, A&L’s branches, or by telephoning Mortgage Direct.

Discuss this in the Finance Markets forums

Story link: A&L launches new deals and cuts rates