Competitive mortgage tracker deal from A&L

Alliance & Leicester (A&L) has introduced a new competitive mortgage tracker deal and a new fixed-rate offer.

For those seeking to remortgage their home, they can take advantage of a two-year base rate tracker, which is Bank of England Base Rate minus 0.16 per cent for two years.

“Our remortgage two-year base rate tracker deal is extremely competitive and will appeal to those clients who are looking to switch to a competitive tracker rate at minimal cost to themselves,” said Mehrdad Yousefi, head of intermediary mortgages at Alliance & Leicester.

The deal comes as those on normal tracker mortgages prepare themselves for an expected rise in the interest rate.

While many lenders are getting rid of fixed-rate mortgages, Alliance & Leicester also said that it was introducing a two-year fixed-rate deal for new holders.

But for those looking to remortgage their home, the tracker deal comes with a £599 product fee but is offering £250 cashback or a mortgage transfer service.