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A&L launches tracker range from 2.79%

Alliance & Leicester are introducing a two-year tracker range at 60% and 75% LTV starting from 2.79%.

The headline rate of 2.79% is available at 60% LTV and carries a 2% fee, with the rate jumping to 2.99% with a 75% LTV.

The range also includes a two-year tracker at 3.29% at 60% LTV with a 1% fee and a the same product with a £995 fee at 3.39%.

Doug Bennett, principal of Sussex-based brokerage AWA Mortgages, says: “The rates are competitive, but are not as cheap as A&L had before.”

Comparing the two-year tracker at 3.39%, he says: “A&L’s rates are higher than Nationwide who have a deal at 3.13%, and higher than Abbey at 3.14%, and they are both charging a similar level of fees.”

But Jonathan Clark, mortgage partner at Hampshire-based firm Chadney Bulgin, welcomes the deals.

He says: “At least A&L has given us the option on the fees.

“It’s a shame the deals are only available up to 75% LTV but that’s to be expected.”

A&L are also reducing the rate on their two-year fixed to 3.89%, which has a 1% fee and is available at 75% LTV.

The new products will be available from March 13.

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