With all eyes firmly fixed on luring first time buyers into the housing market, Alliance and Leicester is looking to retain its established customers with a new remortgage deal.
The new “intermediary special” is a two-year Bank of England base rate tracker, available on loans of up to £250,000 and up to 95 per cent of property value.
The mortgage tracks the base rate for two years at base rate minus 0.01 per cent – giving a current interest rate of 4.49 per cent – reverting to the Standard Variable Rate thereafter (6.59 per cent at present).
The deal is only to be available through brokers.
Mehrdad Yousefi, Head of Intermediary Mortgages, explained: “This deal offers a highly competitive tracker rate with incentives such as free valuation plus free legals or cashback. This latest offer follows feedback from brokers.”
Alliance and Leicester has also cut the product fee attached to its five-year discount fully flexible mortgage, to just £99.
This offers 1.8 per cent off Alliance and Leicester’s Standard Variable Rate for five years, and no early redemption fees on loans of up to £999,999.
Mr Yousefi added: “We’re also continuing to buck the trend by cutting the product fee on our five year discount deal by a further £200 to just £99, this deal also has no tie-in and a competitive rate which makes it well worth consideration.”To read more about Alliance and Leicester mortgage products click here.
© Adfero Ltd