A&L range features an intermediary special

Alliance & Leicester is launching a range of mortgages including a two-year fixed remortgage deal designed solely for brokers.

The intermediary special features a 4.38% fix until December 31 2007, then Bank of England base rate plus 0.75% for the life of the mortgage.

Customers can also borrow up to 95% of the property value with a product fee of 495, free valuation and 250 cashback or free mortgage transfer service as well as an early repayment charge of 3% of the outstanding balance.

Other products in the range include a 4.19% two-year fixed rate with a 395 product fee, early repayment charge of 3% and a 10% overdraft facility.

There is also a three-year fixed rate at 4.24% until December 31 2008, then base rate plus 0.75% for the remaining life of the mortgage. This deal includes similar features to the two-year fix.

Mehrdad Yousefi, head of intermediary mortgages at Alliance & Leicester, says: “We’ve pulled out all the stops with this latest range.

“Yet again, we’ve been able to reprice our two and five-year fixed rates downward and offer cracking, rock bottom rates with no extended tie-ins.

“All this year we’ve been consistently competitive with our fixed rates staying one step ahead of the competition and we’re delighted to offer all these deals to our broker customers.

He adds: “We’re also introducing a special two-year fixed remortgage deal available only to brokers.

“This product offers a competitive rate with incentives such as free valuation plus free legals or cashback.

“And there’s more good news on the product front as we’ve also launched a three-year fixed rate deal. This has been designed as a direct result of broker feedback and demand.”

John Stewart, director at PMI Independent Financial Adviser, welcomes the product.

He says: “It’s a good rate and A&L offers good service, especially with its online system. It is encouraging to see A&L offering decent rates for brokers only.”