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Good effort from A&L

Alliance & Leicester

Two Year Fixed Rate Feesaver

Type: Fixed rate mortgage

Fixed term: Until December 31, 2007

Fixed rate: 4.69%

Minimum loan: 15,000

Maximum loan: Up to 95% of valuation subject to a maximum of 250,000, up to 90% of valuation subject to a maximum of 500,000, up to 85% of valuation subject to a maximum of 1m

Income multiples: Based on affordability and credit score

Conditions: Free valuation, 250 cashback or free mortgage transfer service for remortgages

Arrangement fee: None

Redemption fee: 3% of mortgage balance until December 31, 2007

Introducers fee: Subject to negotiation

Tel: 0870 0100657

Alliance & Leicester has introduced a two year fixed-rate feesaver deal at 4.69 per cent until December 31, 2007.

Brian Pack Financial Services principal Brian Pack thinks that at 4.69 per cent this is a reasonable two-year deal, which reverts to Bank of England base rate plus 0.95 per cent after the fixed-rate period.

No legal fees, a refunded valuation fee and no overhanging penalties are very good incentives. Add to that a maximum loan of up to 95 per cent of valuation, it looks a very attractive offer.

There is nothing Pack dislikes about the product. When asked which deals will provide competition he says: Nothing springs to mind but Im sure there will be products launched very soon.

In conclusion Pack says: This is a very good product which should boost Alliance & Leicesters market share.

BROKER RATINGS

Suitability to market: Good
Competitiveness of mortgage rate: Good
Adviser remuneration: Average

Overall 9/10

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