New first time buyer mortgage launched by Alliance & Leicester

15/05/2009

A new first time buyer mortgage with a rate of 5.99 per cent has been launched by Alliance and Leicester.

It is a fixed rate mortgage at a loan-to-value (LTV) of 85 per cent of the property price and which is free from any application fees.

Nici Audhlam-Gardiner from Alliance & Leicester commented: “It’s hard enough for struggling first time buyers to get onto the property ladder at the moment. That's why we've launched this best-buy deal."

She went on to say: “Every penny counts at the moment, the no-fee aspect of the product should appeal to potential buyers."

Coventry building society has also recently introduced a new mortgage product which offers a 3 year fixed rate at 3.99 per cent with a LTV of 65 per cent.

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