Alliance & Leicester offers new buy to let mortgage

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Mortgage lender Alliance & Leicester has improved its range of specialist mortgages, including changes to its buy to let offerings.

It will now lend up to 85 per cent of the property price at interest rates ranging from 4.75 per cent to 5.19 per cent and presents a variety of introductory fixed and tracker rate deals.

Mehrdad Yousefi, head of intermediary mortgages at Alliance & Leicester, said: "We continue to bring competition to the specialist lending sector offering brokers greater choice and value for money."

"Our latest re-price sees improvements across all of the buy to let and self certification tracker rates, and to some self certification fixed rates," he added.

The buy to let mortgages require rental cover - the amount of rent which should be charged to tenants - of 115 per cent the pay rate of the mortgage.

Alliance & Leicester currently handles £33 billion of residential mortgage balances and serves 3.4 per cent of the UK mortgage market.

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