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A&L to take on BM and NR as lending levels disappoint

Alliance & Leicester is to launch a combined mortgage and secured loan, similar to Northern Rock’s and BM Solutions’ current offerings.

A&L’s Plus Mortgage will be launched in the second quarter of this year.

The announcement comes as the lender reported disappointing growth in gross mortgage lending in 2006 which increased by 13.5 per cent over the year to £12.6bn, though this was well below the market average growth rate of 20 per cent.

A&L director of mortgages Stephen Leonard says: “Following a strong net lending performance in 2006 we will continue to develop our mortgage business. We have seen strong growth in our specialist mortgage area with the launch of buy-to-let, self cert and non prime in 2006. In Quarter 2 this year we will further extend our range with the launch of Plus Mortgage.

“We intend to be a major player in this market. This is part of our overall strategy to provide brokers with a strong portfolio of products right across the mortgage market.”

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