Lender reduces mortgage rates

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A leading UK mortgage lender has revealed it is cutting the rates on a number of its products.

It has been announced that Alliance & Leicester is reducing the rates on its new range of two and three-year fixed deals, which are available by telephone or in its branches, by between 0.10 per cent and 0.55 per cent.

The deal with the lowest rate is the firm's new two-year fixed deal at 5.99 per cent, which includes a 75 per cent loan to value, a ten per cent overpayment facility and a maximum loan limit of £1 million.

Richard Taylor, head of mortgage products at Alliance & Leicester, said the reductions were "great news for people looking for a new deal".

"These new mortgage products are available to both new and existing customers, with a number of options to choose from, including deals which benefit from no fees, as well as free valuation and legal fees," he added.

Recent research by Abbey found that one in ten homeowners in the UK are planning to make overpayments on their mortgage in the next six months.

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