Alliance & Leicester ups mortgage rates

Tuesday, 3 June 2008 12:21 AM

Alliance & Leicester is upping rates on its fixed-rate and tracker mortgages from today.

The lender is introducing a two-year base rate tracker at 5.89 per cent - or 0.89 per cent over the Bank base rate - for up to 75 per cent loan-to-value (LTV), which is the only deal not to increase its rates.

The rate on the tracker for LTV deals up to 90 per cent has increase by 0.1 per cent to 6.49 per cent.

An arrangement fee stands at two per cent, but there are no early repayment fees and it offers flexible repayment features.

Alliance & Leicester's two-year fixed rate deal is up 0.15 per cent to 6.14 per cent for loans up to 75 per cent LTV. At up to 90 per cent LTV the rate has risen 0.25 per cent to 6.74 per cent.

A two per cent arrangement fee also stands and there is a ten per cent overpayment facility.

The rate on the lender's five-year fix is also up 0.15 per cent to 7.14 per cent on up to 90 per cent LTV mortgages. A £599 arrangement fee applies and a ten per cent overpayment facility also exists.

In addition to the new range, the bank's Standard Variable Rate (SVR), which is currently 7.19 per cent, will no longer be available as a standalone mortgage to new mortgage customers.

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