Lender reintroduces tracker mortgage option

Alliance & Leicester has announced it is to introduce two new mortgage options.

The lender is to launch a new base rate tracker mortgage, as well as a fixed rate package.

Both of the options will be available on two-year deals, with the base rate tracker mortgage coming with an interest rate of 4.89 per cent and the fixed rate deal with a 4.49 per cent rate.

Both of the packages will be available from Friday November 14th and may appeal to those who are coming to the end of their current mortgage agreement and considering switching lenders as part of a debt management plan.

Head of mortgage products at Alliance & Leicester Richard Taylor explained that the new products “enhanced” the lender’s current range.

“They are very competitive products offering customers the choice of setting their monthly payments or tracking the Bank of England base rate,” he remarked.

Abbey recently made a similar move, introducing new tracker mortgages after they were withdrawn following the base rate cut last week.

By Tom Musk