A new range of Alliance and Leicester mortgage products has just been announced with flexibility built in to suit different customer needs.
There are different fixed term periods available, fee or no fee mortgages and also a base rate tracker. Some excellent rates are available, with a maximum loan of 75 percent of the property value enabling the Alliance and Leicester to offer these rates. One of the most popular mortgage options is expected to be the 2 year fixed rate with a 5.99 percent interest rate.
One of the Alliance and Leicester tracker mortgages that customers will find interesting is currently quoting a rate of 5.89 percent for the first 2 years, this is base rate plus 0.89 percent. After 2 years the tracker works at base plus 1.49 percent.
Customers taking an Alliance and Leicester mortgage through a broker are going to find the process is much faster than it used to be thanks to the introduction of ifax.
This new system transforms faxes sent by brokers into emails that are therefore much easier to read and go straight to the relevant persons inbox rather than hanging around the office. An Alliance and Leicester spokeswoman supported the move and confirmed that the new ifax system would greatly increase processing speed and reduce errors.
The system can work for pretty much all the relevant documents so at each step of the way Alliance and Leicester mortgage customers will see a speedy turnround on their paperwork. The system will also be of great benefit to the intermediaries too of course.
Halifax has just announced the eighth cut in their mortgage rates this year, with almost half of their mortgage products having their interest rates reduced by up to 0.15 percent.
A typical example is the Halifax 5 year fixed rate mortgage which comes down from a 6.49 percent interest rate to 6.34 percent. The Halifax has also cut fees on some of its products, with the recently introduced stepped tracker mortgage having GBP200 cut off the fee.
The mortgage market is seeing all manner of fluctuations right now, with the base rate and general economic climate leading mortgage providers to look at different ways to get customers on board. The Halifax is doing what it can by cutting rates and fees where they can and are hopeful that demand will increase on the back of them.
