First time buyers could benefit from reduced rates at Alliance & Leicester

27-Sep-2006

Alliance & Leicester is to offer a reduced rate of 0.05 per cent on its two-year fixed-rate mortgage, with a rate of 6.7 per cent annual percentage rate (APR).

The product allows first time buyers to borrow up to 95 per cent of the value of their first property.

In addition, the mortgage provider is set reduce the cost of borrowing on it five-year fixed-rate mortgage by 0.1 per cent, offering a rate of 6.3 per cent APR.

Mehrdad Yousefi, head of intermediary mortgages at Alliance & Leicester, said: "Despite volatility in swap rates we've been able to reduce some of our fixed-rate mortgages."

Along with mortgage products, Alliance & Leicester also offers financial services such as current accounts, personal loans and secured loans, along with savings products.

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