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A&L fixes two-year rate at 4.95% for up to 95%

Alliance & Leicester is offering a new range of fixed and discounted-rate mortgages which feature reduced arrangement fees.

A two-year fixed rate at 4.95 per cent until December 30, 2006 allows clients to borrow up to 95 per cent of the property value.

A two-year discounted rate is available at 2.4 per cent discount off A&L&#39s standard variable rate. Loan to value is again up to 95 per cent. The arrangement fee has been reduced from £595 to £395.

For both products, there is an early repayment fee of six months&#39 gross interest if the mortgage is redeemed during the fixed-rate period and there is also a 10 per cent overpay facility.

Head of intermediary mortgages Mehrdad Yousefi says: “Our mortgage deals are consistently competitive and these latest improvements to our deals make them some of the best in the market. These deals demonstrate our ongoing commitment to mortgage intermediaries and our determination to provide great value products to meet the needs of their clients.”

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