Alliance & Leicester updates mortgage range

Alliance & Leicester has revised part of its mortgage offering, with a package that has been "very popular" with first-time buyers among the altered products.

The Feesaver two-year fixed-rate mortgage is fixed at 6.34 per cent until August 31st 2009 and allows customers to borrow up to 95 per cent of the value of their property.

No product fee is set on the deal, which also offers free valuation and a ten per cent overpayment facility.

Alliance & Leicester's basic two-year fixed-rate mortgage carries a rate of 5.79 per cent until the end of August 2009, with a product fee of £999 and a maximum loan amount of £250,000.

A lower fee of £599 is payable on the three-year fixed package, which has a rate of 6.14 per cent and a cap of £999,999 on loan amounts.

Richard Taylor, head of mortgages for Alliance & Leicester, said: "Our fixed-rate mortgages continue to be highly competitive and allow borrowers to benefit from the security of a fixed monthly payment at a great low rate.

"Our Feesaver option continues to be a very popular choice for first-time buyers and remortgage customers who don't want any up-front fees. On all our products we offer up to 95 per cent loan to value."

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