Alliance and Leicester slash fixed rate mortgages!

Alliance & Leicester has launched a new range of mortgage products, with fixed rate mortgages being reduced by up to 0.90% in a bid to generate some demand.

The new mortgage products will be available from Thursday 4 December 2008 and include:

Two Year Fixed Rate reduced to 4.94% from 5.79%

· Fixed until 31 December 2010

· £599 product arrangement fee

· Customers can borrow up to 75% of the property value

· 10% overpayment facility

· Maximum loan £250,000

Two Year Fixed Rate reduced to 4.99% from 5.59%

· Fixed until 31 December 2010

· 1% product arrangement fee · Customers can borrow up to 75% of the property value

· 10% overpayment facility

· Maximum loan £1 million

Two Year Fixed Rate Fee Saver reduced to 5.49% from 6.39%

· Fixed until 31 December 2010

· No product fee

· Customers can borrow up to 75% of the property value

· 10% overpayment facility

· Maximum loan £1 million

· Free valuation1

· Remortgage customers get £200 cashback or free Mortgage Transfer Service

Insuranceblogger is pleased to see some movements in the large area of the market that is traditionally risk averse and consequently doesn’t benefit when rates go south. Sure to generate some demand in a particularly quiet seasonal period!

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