Alliance & Leicester is part of the Santander group and as a result they provide range of mortgages from Santander. A great thing about Alliance and Leicester Mortgages is that there are many different options available, depending on the type of mortgage that you want. Currently, Alliance and Leicester mortgages provide the following options:
Fixed Rate Mortgages
Alliance and Leicester fixed rate mortgages have a fixed interest rate for a set period of time and as a result you are not affected by any rising interest rates. Alliance and Leicester offer mortgages with a fixed rate of up to two years. You can also choose to overpay your mortgage up to 10% of your actual mortgage each year without incurring any fees.
Tracker Mortgages
Alliance and Leicester Tracker mortgages are set by the Bank of England Base Rate for a set period, after which you go back to paying a standard variable rate. Advantages of the tracker are if the base rate goes down so do your repayments, therefore you may pay less than your initial agreement. But if the base rate goes up you face the danger of having to pay more on your repayments.
Flexible Mortgages
The Alliance and Leicester flexible mortgage is unique as you can reduce your interest repayments by offsetting your savings, overpaying as well as making penalty-free lump sum repayments. You also have the flexibility of having a payment holiday or underpaying. The interest rate is linked to the Bank of England Base Rate for the life of the mortgage.
Special Mortgage Packages
There are a number of benefits that are unique to Alliance and Leicester Mortgages, starting with the ability to move or remortgage when you need to the most. With many companies, the cost of this would be crippling, but Alliance and Leicester Mortgages have managed to keep these costs in check in order to give a little something back to their customers. The company has the Homebuyer Solution, available to customers moving home and first time buyers. It provides a free basis property valuation (up to a property value £2.5m) and a cashback figure on completion to help with the legal costs.
Their Remortgage Solution is similar, as Alliance and Leicester provide a free basis property valuation (up to the property value £2.5m), and an arrangement and payment for basic legal work involved in transferring the mortgage.
Keep in mind that Alliance and Leicester Mortgages runs its business by collecting interest from you. Because of this, the company is forced to collect fees from you if you should repay your mortgage early. You will also have to repay many of the aforementioned benefits should you repay your mortgage within two years.
Overall, however, Alliance and Leicester Mortgages do a lot for its customers because they want continual business and have also built up a pretty good reputation within the industry because of this extra money.
Alliance and Leicester Mortgage Insurance
Alliance and Leicester mortgage insurance will help pay your mortgage payments and regular monthly bills for up to 12 months should you be unable to work due to an accident, sickness, unemployment or leaving work to become a carer for an immediate family member.