Alliance and Leicester Flexible Mortgage

Alliance and Leicester Flexible Mortgage, Expert Review

The Alliance and Leicester flexible mortgage is a fully flexible discount mortgage. The Alliance and Leicester flexible mortgage is available at 1.60 per cent below the bank's standard variable rate, which is currently 6.84 per cent. The overall cost for comparison is 7.69 per cent. The product fee for the Alliance

and Leicester flexible mortgage is £149. The mortgage is available up to 90 per cent loan to value, though a higher lending charge applies over 90 per cent loan to value.

Borrowers who have an Alliance and Leicester flexible mortgage can overpay and can use those overpayments to borrow back money, take payment holidays and pay less during some periods. The Alliance and Leicester flexible mortgage is available to first time buyers, home movers and remortgagers. There is no early repayment charge.

Alliance and Leicester Tracker Mortgages

Alliance and Leicester also has two tracker mortgage deals. The first Alliance and Leicester flexible mortgage tracker is available at 0.24 per cent above the Bank of England base rate for the first two years. After that time, it reverts to 0.99 per cent above the base rate for the term of the mortgage. This Alliance and Leicester flexible mortgage tracker has an APR of 6.7 per cent. The product fee for this Alliance and Leicester flexible mortgage tracker is £595. Remortgage customers pay a valuation fee of between £220 to £820. Homebuyers who have an Alliance and Leicester flexible mortgage tracker can overpay and can use those overpayments to borrow back money, take payment holidays and pay less during some periods. This Alliance and Leicester flexible mortgage tracker is available to first time buyers, home movers and remortgagers. Early repayment charges apply during the discount period. These are 3 per cent of the amount repaid within the first 2 years.

Alliance and Leicester Image The second Alliance and Leicester flexible mortgage tracker is available at 0.59 per cent above the Bank of England base rate for the first two years. After that time, it reverts to 0.99 per cent above the base rate for the term of the mortgage. This mortgage has an APR of 6.6 per cent. The product fee for this flexible tracker mortgage is nil, as it is a fee saver mortgage, which includes a standard valuation which is refundable upon completion. Remortgage customers get the bank's mortgage transfer service or £200 cashback. Home purchasers who have an Alliance and Leicester flexible mortgage tracker can overpay and can use those overpayments to borrow back money, take payment holidays and pay less during some periods. This tracker mortgage is available to first time buyers, home movers and remortgagers. Early repayment charges apply during the discount period. These are 3 per cent of the amount repaid.

Alliance and Leicester states that borrowers who choose a product with an overpayment facility may choose to clear up to 10 per cent of the interest bearing balance on their mortgage. There is a minimum overpayment amount of £500 and the overpayment can be made during the first January of the period during which an early repayment charge must be paid*. However underpayments and payment holidays could increase the mortgage term and/or the total amount payable.

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Pro's

High street presence

Con's

Excessive criteria compared to others

Features

Payment holidays

Offset Mortgage Centre

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Alliance and Leicester Flexible Mortgage | Expert Review