The new product is available to homebuyers and remortgagers borrowing up to £250,000.
The tracker launch follows the new fee-free three and four-year fixed rate remortgage and homebuyer deals, launched last week, offering rates of 4.69% and 4.79% respectively and available up to 75% LTV.
Nici Audhlam-Gardiner, Alliance & Leicester mortgage director, says: “We remain committed to offering borrowers highly competitive deals whether remortgaging or buying a new home. Abbey Mortgages research shows that for those looking to remortgage, a third are looking for a tracker and of those, over half will choose a two-year tracker.
“The two-year tracker is second in popularity only to a two-year fix and with a best buy rate of Base Rate plus 2.45%, borrowers should seriously consider this deal.”