The product is available to both new and existing customers via brokers, branches or Mortgage Direct. It is a two-year tracker with a current rate of 5.98% (BBR plus 0.98%) which will then revert to BBR plus 1.49%. Borrowers must have a 25% deposit and there is a £999 arrangement fee.
Richard Taylor, head of mortgage products at Alliance & Leicester said: “The addition of this new product to our mortgage portfolio demonstrates Alliance & Leicester’s commitment to the mortgage market. With both flexible features and a headline rate below 6%, it represents a great deal for both new and existing customers – particularly as fixed rate pricing continues to rise across the market.”
