Alliance & Leicester launches new stepped mortgage

28-Feb-2007

Alliance & Leicester has announced the launch of its new stepped mortgage, which may be of interest to prospective first time buyers.

Available to both repeat purchasers and would-be first time buyers, the new mortgage offers a fixed-interest rate of 4.99 per cent for the first two years, before reverting to 0.74 per cent above the Bank of England's base rate for a further year.

Following completion of the third year, the mortgage then reverts to the lender's standard variable rate of interest.

"First time buyers are the life blood of the housing market and so we've responded to their needs by launching a new stepped deal aimed at keeping their costs low during the early years of home ownership," said Stephen Leonard, director of mortgages and Alliance & Leicester.

The mortgage is available from today and enables clients to borrow a loan-to-value of up to 95 per cent, with a permitted overpayment facility of ten per cent.

To find out more about this mortgage and other mortgages for first time buyers, click here.

Alliance & Leicester offers a range of financial products and services, including personal loans and current accounts.

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