07-05-2008
Alliance & Leicester pulls popular mortgage product
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
One of the UK's largest mortgage lenders has withdrawn one of its most popular home loan products from the market due to overwhelming demand.
Alliance & Leicester has pulled its two-year fixed rate mortgage off of its product range due to high demand for it over the last few weeks.
It has admitted that it cannot keep up with demand for the cheaper mortgage - which fixes interest rates at 4.99 per cent for the next two years, below the Bank of England's current base rate figure.
An Alliance & Leicester spokesman said: "Over the past few days we have seen a high demand for our 4.99 per cent two-year fixed rate product and therefore we have taken the decision to remove it from the range."
Last week Halifax, the UK's largest mortgage lender, said it had stopped offering standard variable interest rate mortgages to customers.