A&L offers remortgaging incentives

Alliance & Leicester is offering lower rates and a remortgaging cashback incentive on its prime mortgage deals as of today.

Customers who are remortgaging their property can opt for either £250 cashback or a free Mortgage Transfer Service when they take out A&L's new 6.12 per cent five-year fixed offering, down from 6.14 per cent.

The policy is subject to 7.9 per cent APR, fixed until September 30th 2009 and allows prospective homeowners to borrow up to 95 per cent of the property value with paying a product fee.

The deal – which can be taken out for any property worth under £1 million – has a ten per cent overpayment facility and applies early repayment charges until September 30th 2009.

Richard Taylor, head of mortgage products at A&L, said the offering "continues to be a very popular choice for first-time buyers and remortgage customers, who do not want any up-front fees".

Other new lower rates on offer from A&L today include a two-year fixed offering at 5.48 per cent, down from the previous 5.59 per cent.

That policy features a 7.8 per cent APR on properties valued at up to £250,000. It is subject to a £1,999 product fee.

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