Money News
Alliance & Leicester has launched new lower priced 2, 3 and 5-year residential and Buy to Let fixed rate mortgages. A new residential 2-year, 5.94% Base Rate tracker, with a 1% fee and no early redemption charge, has also been introduced.
The new offers, which are available via the bank's branches, include: Two Year Fixed Rate - 4.99% (new product): Fixed until March 31st 2010 then Standard Variable Rate (currently 7.69%). 2% arrangement fee. Customers can borrow up to 90% of property value. Maximum loan is £1 million with a 10% overpayment facility available.
Three and Five Year Fixed Rates - 5.79% (previously 5.99%): 5.79% fixed until March 31st 2011 or March 31st 2013, then Standard Variable Rate. Customers can borrow up to 90% of property value. Maximum loan is £1,000,000.
The loans, which come with a 10% overpayment facility, carry a product fee of £599
Buy to Let Two Year Fixed Rate - 5.44% (previously 5.98%): 5.44% fixed until March 31st 2010, then Base Rate +2.19% (tracker). Customers can borrow up to 85% of property value.
The loan requires 100% rental cover at the pay rate up to 75% LTV; 120% rental cover if above 75% LTV.
Maximum loan is £500,000. And with a 10% overpayment facility in place.
A 2% arrangement fee is in force, however, as is a 5% early repayment charge for the first 2 years.
Buy to Let Three Year Fixed Rate - 5.74% (new product): 5.74% fixed until March 31st 2011, then Base Rate +2.19% (tracker). Customers can borrow up to 85% of property value.
A 1.5% arrangement fee is in force, otherwise terms and conditions are the same as for the 2-year buy to let deal.
24 January 2008 © Moneyextra.com
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