A&L cuts SVR by 0.5%

Alliance & Leicester has dropped its SVR by 0.5% to 5.84% from January 2.

The lender has also launched a two-year tracker deal to replace those withdrawn following the base rate cut.

The new tracker is available at 3.99% for up to 60% LTV with a 1% fee.

Richard Taylor, head of mortgage products at A&L, says: “We are delighted to be able to bring these new products to market, demonstrating that A&L is competing strongly in the new business mortgage market.

“This two-year tracker is competitive and represents great value for customers.”

All of A&L’s mortgage products are available to existing customers, enabling those on SVR to swap to a new deal if it better suits their needs.