27 Aug

New mortgage rate cuts revealed

New mortgage rate cuts revealed

Alliance & Leicester has announced a series of new cuts to its mortgage rates as it unveils a number of new products.

In the latest set of reductions by a lender following recent falls in swap rates, the bank has said it is trimming between 0.1 per cent and 0.55 per cent off its products.

The changes include reducing its two-year tracker rate to 5.99 per cent from 6.14 per cent, bringing the two-year fixed rate down to 6.19 per cent from 6.64 per cent and lowering the three-year fixed saver to 6.89 per cent from 7.09 per cent.

In addition to these changes Alliance & Leicester is introducing a new two-year base rate tracker at 6.99 per cent.

The move follows a number of announcements from other lenders in the last week, including Leeds Building Society reducing some deals by 0.5 per cent and Nationwide announcing cuts of up to 0.2 per cent on some fixed-rate products.

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