Alliance & Leicester Create New Mortgage Rates to Boost Sales
Alliance & Leicester has launched new residential and buy-to-let fixed rate products in a bid to entice more borrowers.
The two, three, and five year fixed rate mortgages for residential buyers will offer rates below 6% as opposed to the current 7.69%. This move will provide a welcome relief to homeowners and buy-to-let investors who are now in a position to switch lenders.
The three and five year fixed rates, currently at 5.99%, will be reduced to 5.79%, which will be fixed until 31 March 2011 or 31 March 2013.
For the buy-to-let property investment market, a two year fixed rate is being reduced from 5.98% to 5.44%, fixed until 31 March 2010, which will then revert to the base rate plus 2.19%, or a tracker mortgage. The new buy-to-let three-year fixed rate product will offer 5.74% until 31 March 2011, again changing to a tracker mortgage.
Richard Taylor, Head of Mortgages at Alliance & Leicester, commented, "These new reduced fixed rate deals are available to both new and existing customers seeking to buy a home, remortgage or invest in a property to let.”
“The range of products we have on offer means customers can choose the right package to fit their needs and fix their monthly mortgage payments for two, three or five years.”
"The buy-to-let two year fixed rate product with a percentage arrangement fee provides landlords with a better value offer and with the addition of new three and five year fixed rate options they now have the opportunity to fix their rates and gain payment certainty for a term that suits them."
The two, three, and five year fixed rate mortgages for residential buyers will offer rates below 6% as opposed to the current 7.69%. This move will provide a welcome relief to homeowners and buy-to-let investors who are now in a position to switch lenders.
The three and five year fixed rates, currently at 5.99%, will be reduced to 5.79%, which will be fixed until 31 March 2011 or 31 March 2013.
For the buy-to-let property investment market, a two year fixed rate is being reduced from 5.98% to 5.44%, fixed until 31 March 2010, which will then revert to the base rate plus 2.19%, or a tracker mortgage. The new buy-to-let three-year fixed rate product will offer 5.74% until 31 March 2011, again changing to a tracker mortgage.
Richard Taylor, Head of Mortgages at Alliance & Leicester, commented, "These new reduced fixed rate deals are available to both new and existing customers seeking to buy a home, remortgage or invest in a property to let.”
“The range of products we have on offer means customers can choose the right package to fit their needs and fix their monthly mortgage payments for two, three or five years.”
"The buy-to-let two year fixed rate product with a percentage arrangement fee provides landlords with a better value offer and with the addition of new three and five year fixed rate options they now have the opportunity to fix their rates and gain payment certainty for a term that suits them."
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