Alliance & Leicester unveils improved mortgages

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A leading mortgage provider has launched two new and improved mortgage deals.

Alliance & Leicester has unveiled a new two-year remortgage tracker and a two year fixed rate mortgage, both of which offer improved rates of interest on previous deals.

The remortgage tracker follows 0.16 per cent below the base rate for the first two years, an improvement of 0.15 per cent, followed by a standard variable rate, which currently stands at 6.59 per cent.

The maximum amount is £250,000 and customers can borrow up to 95 per cent of their propertys value.

Meanwhile, the new two-year fixed deal has seen interest rates reduced by 0.05 per cent to 4.89 per cent, which are guaranteed until the end of August 2008.

Mehrdad Yousefi, head of intermediary mortgages at Alliance & Leicester, said: "Our remortgage two-year base rate tracker deal is extremely competitive and will appeal to those clients who are looking to switch to a competitive tracker rate at minimal cost to themselves."

"We have also reduced some of our two-, three- and five-year fixed rate deals for those who still prefer the budgetary certainty of a fixed monthly payment."

If interest rates remain stable for the coming months, as now looks possible, the tracker deal in particular could prove to be a lucrative one.

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