Alliance & Leicester announces a reduction in its fixed rate mortgages

Two Year Fixed Rate 4.94% (previously 5.79%)

Fixed until 31 December 2010

£599 product arrangement fee

Customers can borrow up to 75% of the property value

10% overpayment facility

Maximum loan £250,000

Two Year Fixed Rate 4.99% (previously 5.59%)

Fixed until 31 December 2010

1% product arrangement fee

Customers can borrow up to 75% of the property value

10% overpayment facility

Maximum loan £1 million

Two Year Fixed Rate FeeSaver 5.49% (previously 6.39%)

Fixed until 31 December 2010

No product fee

Customers can borrow up to 75% of the property value

10% overpayment facility

Maximum loan £1 million

Free valuation

Remortgage customers get £200 cashback or free Mortgage Transfer Service

Richard Taylor, Head of Mortgage Products at Alliance & Leicester, comments: "I am delighted to announce these rate reductions to our fixed rate mortgage products, and I am sure they will be very appealing to customers. We offer a range of products with different arrangement fee levels or even no fee at all meaning customers can select the mortgage that best suits their needs."