Alliance & Leicester “excellent” fixed rate mortgages

Alliance & Leicester has announced that it has reduced the interest rate on all of its fixed-rate mortgages.

From early April 2007, Alliance and Leicester's 2, 3 and 5 year mortgages are being offered at rates of 4.99%, 5.29% and 5.33% respectively.

A maximum loan of £250,000 is available on the two-year fixed-rate package, while the three and five-year deals enjoy a maximum loan rate of £1 million (ok - £999,999 to be exact).

Following the end of the Alliance & Leicester mortgages' fixed-rate period, a standard variable rate will be applicable to the package and early repayment charges also apply to all their fixed-rate mortgages.

Director of mortgages at Alliance & Leicester, Stephen Leonard, said: "With growing uncertainty about the direction of interest rates in 2007, we're offering some market leading fixed rates to give borrowers that all-important budgetary certainty."