Alliance & Leicester has launched a special two-year base-rate tracker for remortgaging customers alongside new discounts on long-term deals.
The two-year base tracker is available only to customers changing deals for the best mortgage rate, charging the base rate minus 0.01 per cent, a current rate of 4.49 per cent.
This equals an APR of 6.5 per cent and will revert to 6.59 per cent at the end of the deal’s term. Remortgagers will receive a £250 cashback or mortgage transfer service.
The offer is available up to 95 per cent of the property value and offers free valuation and flexible features, but is subject to a three per cent early repayment penalty.
“We are introducing a special two year base rate tracker remortgage deal only available through brokers,” said Mehrdad Yousefi of Alliance & Leicester. †
“This deal offers a highly competitive tracker rate with incentives such as free valuation plus free legals or cashback. This latest offer follows feedback from brokers.”†
The bank also said that it has cut the product fee on its five year, fully flexible discount deal (currently charged at 4.79 per cent, or six per cent APR) by two thirds.
“We’re also continuing to buck the trend by cutting the product fee on our five year discount deal by a further £200 to just £99, this deal also has no tie-in and a competitive rate which makes it well worth consideration,” said Mr Yousefi.
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