30 Oct

Lender cuts fixed rates

Lender cuts fixed rates

Alliance & Leicester has announced cuts to its fixed mortgage rates.

The lender has said it is to reduce its two-year fixed rate from 5.99 per cent to 5.79 per cent, while the three-year fixed rate will be trimmed from 6.24 per cent to 5.94 per cent and the Five Year Fee Saver Fixed Rate has been lowered from 6.89 per cent to 6.59 per cent.

Head of mortgage products Richard Taylor said the cuts are "great news for people looking for a new deal".

In other mortgage news, the Building Societies Association has disclosed that gross lending rose in September.

Last month saw £3,105 million lent, compared to £2,769 million in August.

The seasonally adjusted increase was from £2,625 million in August to £2,946 million.

Such figures follow data from the Bank of England stating that mortgage lending rose in September for both house purchases and remortgages.

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