Alliance & Leicester launches New Lifetime Tracker products guaranteed to track the Bank of England base rate for the life of the mortgage:
70% LTV, available for Remortgage and Homebuyers, 2.89%(BBR+2.39%), with a £495 fee
70% LTV, available for Remortgage and Homebuyers 2.99% (BBR +2.49%), with no fee
The lifetime tracker provides customers with the opportunity to underpay, overpay as well as take payment holidays or borrow back any overpayments, which in the current climate allows them to keep on top of their finances. Both products come with a refunded basic mortgage valuation.
An ERC is only repayable if the mortgage is repaid in full within the first 3 years.