A&L reduces fixed rates by up to 0.90%

Alliance & Leicester has launched a portfolio of mortgage products, with fixed rate mortgages being reduced by up to 0.90%.

The new products will be available from Thursday 4 December 2008 and include a 2-year fixed rate priced at 4.94% (previously 5.79%).

That deal comes with an £599 product arrangement fee and clients can borrow up to 75% of the property value.

It also offers a 10% overpayment facility and a maximum loan of £250,000.

Other products include a 2-year fixed at 4.99% (previously 5.59%) with a 1% product arrangement fee and the 2-year fixed rate FeeSaver at 5.49% (previously 6.39%).

The latter offers free valuation and remortgage customers get £200 cashback or a free mortgage transfer service.

Richard Taylor, head of mortgage products at Alliance & Leicester, says: “I am delighted to announce these rate reductions to our fixed rate mortgage products, and I am sure they will be very appealing to customers.

“We offer a range of products with different arrangement fee levels or even no fee at all meaning customers can select the mortgage that best suits their needs.”