Alliance & Leicester introduces lower rates for mortgages

Alliance & Leicester has announced a reduction in the interest rate on a number of its mortgage packages.

According to the firm, the new range of fixed-rate finance options will see reductions of between 0.2 per cent and 0.3 per cent, which could attract homeowners seeking a more effective debt management strategy for their property.

Included in the new products are a two, three and five-year fixed-rate loans, with interest rates of 5.79, 5.94 and 6.59 per cent respectively.

Head of mortgage products at Alliance & Leicester Richard Taylor described the offerings as “great news for people looking for a new deal”.

“These new mortgage products offer customers a number of options to choose from, including deals which benefit from no fees,” he added.

Earlier this month both Natwest and the Royal Bank of Scotland reduced the interest on their fixed-rate mortgages, lowering them 0.35 per cent to 0.60 per cent.