6 Nov

Lender cuts fixed rates

Lender cuts fixed rates

Mortgage lender Alliance & Leicester has announced cuts to its fixed-rate mortgages in response to falls in interbank lending rates.

The bank has said three products will be changed from today, with its two-year fixed-rate deal reduced from 5.79 per cent to 5.59 per cent, the five-year fee saver fixed-rate mortgage from 6.59 per cent to 6.39 per cent and its three-year fixed-rate product from 5.94 per cent to 5.79 per cent.

All three products are available at a loan-to-value ratio of up to 75 per cent.

Head of mortgage products Richard Taylor said: "Lower swap rates mean we have been able to cut our fixed-rate mortgage products."

The announcement was made before the Bank of England revealed its 1.5 per cent rate cut today.

Finance portal fairinvestment.co.uk has called on lenders to pass the rate cut on in full to mortgage customers.

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