Website: Alliance and Leicester
Phone: 0800 056 3254
The Alliance and Leicester mortgage offering gives plenty for first time buyers and discount seekers, or fans of trackers, but not much for non-status clients or those wanting a flexible product. Old style mortgages with plenty of value at the front end, but penalties to match if you're not loyal!
As one of the larger lenders, the Alliance and Leicester mortgage site is efficient and features good calculators (the "How much will it cost to move" idea is useful), and online tracking of your mortgage in process. Unlike most, the deals on offer for existing customers are not much less value than the deals for new customers; which is a very good thing- you'd like to feel that your loyalty will be rewarded rather than penalised.
There are some 15 Alliance and Leicester mortgage products on offer; with the better range being in discounted and base-rate tracker products. There are always online exclusive deals, and two other highlights: a selection of low-start discounts, ideal for first time buyers, and some high-income loans for purchasers at the top end of the market. All in all, a broad range of options to suit a wider than average audience.
Fees are variable (some are waived if you apply online!) from usually £200 to £400; but can be swapped for a slightly higher rate. Redemption penalties are a standard 6 months gross interest, except on some of the more generous startup offers, where you can expect to be dealt a heavy blow if you quit. Notably lacking is any sort of flexible product.
