Alliance & Leicester lowers mortgage rates

Alliance & Leicester has unveiled lower rates on a range of its fixed-rate mortgages, something that could assist homeowners with debt management.

People can borrow up to 85 per cent of a property’s value under the new deals, with “market-leading” rates on the two and three-year loans being made available.

Among the products on offer is a two-year mortgage that is fixed at a rate of 3.49 per cent, with a two per cent arrangement fee.

A three-year homeowner loan that is set at 4.19 per cent can also be obtained with an arrangement fee of one per cent.

“Our mortgage portfolio is expanding and demonstrates that Alliance & Leicester is committed to offering a comprehensive range of mortgage products,” commented director of mortgages for the lender Nici Audhlam-Gardiner.

In related news, a homeowner loan that is fixed at 4.59 per cent for ten years has been introduced by Chelsea Building Society.

By Jamie Price