Alliance & Leicester has announced it will be withdrawing its Plus Mortgage range from close of business today.
The bank’s PlusMortgage products offered a mortgage and a combined personal loan, the equivalent of Northern Rock’s Together product.
PlusMortgage was launched in April 2007. It offered a mortgage of up to 95 per cent LTV with an additional unsecured loan.
Northern Rock’s Together product has come under attack by MP’s following the demise of the lender, calling the product reckless and demanding for it to be withdrawn.
In an email to brokers, the lender says that pipeline applications and existing PlusMortgage borrowers will be unaffected and will continue to be serviced as normal.
A&L director of mortgages Stephen Leonard says: “Alliance & Leicester is a prudent and responsible lender with PlusMortgage successfully targeting high quality applicants. However, we keep our product range under constant review and given current market conditions, we will be withdrawing our PlusMortgage products at this time.”
A&L will be reporting its full-year results tomorrow.