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Good FeeSaver from A&L

Alliance & Leicester

Four Year FeeSaver Fixed

Type: Fixed-rate mortgage

Fixed term: Until June 30, 2013

Fixed rate: 4.79%

Minimum loan: £25,000

Maximum loan: Up to 75% of valuation subject to a maximum of £550,000

Income multiples: Based on affordability and credit score

Conditions: Capital repayments of up to 10% a year allowed without penalty, free valuation, mortgage transfer service or £200 cashback for remortgages

Arrangement fee: None

Redemption fee: 3% of the amount repaid in the first four years

Introducer’s fee: Subject to negotiation

Tel: 0844 800 9999

This deal from Alliance and Leicester is fixed at 4.79 per cent and is available for loans up to 75 per cent of valution within a £550,000 maximum.

Unleash Advice Partnership IFA Adrian Kidd says: “I like this product – it ticks a lot of boxes. It has no set up costs, a pay rate below 5 per cent and attractive for purchases and remortgages. It is nice to see Alliance & Leicester doing something a bit different, instead of lumpy upfront fees with rates at 2.99 per cent.”

He feels that this deal is a good alternative to those types of headline rates and should attract a decent take up.

Looking at the potential drawbacks of the deal Kidd says: “It could have gone a touch lower on the rate, like it has for a three-year deal it offers.”

Scanning the market for competitors, Kidd says: “Abbey, which is part of the same group, offers similar deals but some are exclusives to other networks. The A&L deal does not have any competition in terms of the four-year term, so that is a plus.”

Summing up Kidd says: “This would be the first A&L mortgage that I would recommend in three years plus, so it must be a good one.”

BROKER RATINGS

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

Overall 9/10

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