Alliance & Leicester’s Mortgage deals have been re-priced and rates are being reduced on all but one of its mortgage products, which remains unchanged.

The lender announced that the majority of it’s mortgage range has reduced by between 0.10% and 0.55% compared to products on the previous portfolio.

Alliance & Leicester offers a full prime residential portfolio to a maximum of 85% LTV, with lower rates for mortgages with an LTV of 75% or below.

The new range includes:

Two Year Fee Saver Base Rate Tracker 6.99% (new product)
· 6.99% (BBR +1.99%) then revert to BBR +1.99%
· No product fee
· Customers can borrow up to 85% of the property value
· Maximum loan £1 million
· Full flexible features
· Free valuation
· Remortgage customers get £200 cashback or free Mortgage Transfer Service

Two Year Fixed Rate 5.99% (previously 6.14%)
· Fixed until 31 October 2010, then Standard Variable Rate (currently 7.19%)
· 1% product arrangement fee (previously 2%)
· Customers can borrow up to 75% of the property value
· 10% overpayment facility
· Maximum loan £1 million

Two Year Fixed Rate 6.19% (previously 6.64%)
· Fixed until 31 October 2010, then Standard Variable Rate (currently 7.19%)
· £599 product arrangement fee
· Customers can borrow up to 75% of the property value
· 10% overpayment facility
· Maximum loan £250,000

Three Year Fee Saver Fixed Rate 6.89% (previously 7.09%)
· Fixed until 31 October 2011, then Standard Variable Rate (currently 7.19%)
· No product fee
· Customers can borrow up to 75% of the property value
· 10% overpayment facility
· Maximum loan £1 million
· Free valuation
· Remortgage customers get £200 cashback or free Mortgage Transfer Service

Richard Taylor, Head of Mortgage Products at Alliance & Leicester, said: “We are reducing the majority of the rates across our mortgage portfolio, which is great news for people looking for a new deal.

These new mortgage products are available to both new and existing customers, with a number of options to choose from, including deals which benefit from no fees, as well as free valuation and legal fees.”