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A&L withdraws SVR for new borrowers

Alliance & Leicester has become the latest lender to withdraw its Standard Variable Rate for new applications.

It says its SVR will remain available for existing customers.

The lender has also also made a range of changes to its residential and buy to let mortgages.

It has a new two year fixed rate up to 75 per cent from 6.14 per cent with a two per cent fee.

A three year fixed rate up to 75 per cent LTV will be available from 6.59 per cent with a £599 fee.

It says that 75.01 to 90 per cent LTV equivalent products are available with a 0.60 per cent premium.

The firm has withdrawn its two year fixed rate BTL product at 7.14 per cent with a 2.5 per cent fee. It says this will not be replaced.

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