Alliance & Leicester shelves tracker mortgages

Wednesday, 22 October 2008 12:00

Alliance & Leicester has axed its popular two-year tracker mortgages from its product range.

The bank announced it would be withdrawing the mortgages at close of business day, having seen a “high demand” for the products.

Although Alliance & Leicester said the trackers’ withdrawal would only be for a short period, it comes as the mortgages saw a rise in popularity.

Earlier this month the Bank of England reduced its base rate by 0.50 per cent, a move which will have made tracker mortgages, which track the base rate, more appealing.

Richard Taylor, head of mortgage products for the building society said: “Over the past few days we have seen a high demand for all our two-year tracker products.

“We have, therefore, taken the decision to remove the tracker products from the range in the short term in order to manage the volume of business we are receiving at present.

“An announcement of new tracker products will be made in due course.”

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