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Alliance and Leicester
Alliance & Leicester Building Society was formed in 1985 when the Alliance Building Society merged with the Leicester Building Society. Then in 1997, Alliance & Leicester decided to float the society on the London Stock Exchange, making it the reputable financial institution it is today. They offer loans, mortgages, investment plans, credit, and insurance cover.
Standard unsecured loans range from £1,000 to £20,000 and borrowers must be over 18 years of age. You will also need to repay the loan within a five year period. Early repayment fees vary, and you should check before committing. For example, if you signed up with A & L before May 2005 and settled early you would be charged a fee of two months interest. If you signed up after May 2005 the early settlement fee would only be one month's interest. If you borrowed funds over the minimum 12 month period, there is no early repayment fee.
Alliance and Leicester offer fixed and base-rate tracking mortgages for new homebuyers, those wanting to refinance (the change in product costs ₤250), or for those wanting to change mortgage companies. An advantage of the former type is that you can lock in to a current interest rate, avoiding possible painful future hikes; however, they charge an early repayment fee. Alliance and Leicester also offer discount and standard variable rate mortgages. The discount variant means that you have lower payments for the first five years, due to a percent taken from the variable standard rate. This type of mortgage is also flexible in that you can overpay, and then borrow back from that amount or make lower payments in the future.
Alliance and Leicester also offer car, home, and personal insurance cover, as well as travel, credit card, and identity protection. Their car insurance includes a claims helpline that is available 24 hours a day, every day of the year and a courtesy car (for some policies) to use while yours is being repaired.
Alliance and Leicester home insurance offers up to ₤500,000 cover on buildings and ₤50,000 cover for contents. There are options to personalize what is covered. For example, you may choose to insure your gardens. They also offer up to ₤5,000 of cover for costs related to researching a leak and the same amount against theft from outbuildings.
Alliance and Leicester’s Family Protection spans from Life Cover, Critical Illness Cover, Family Life Insurance Plans, Family and Personal Income Plans, Income Protection Benefits to a Save and Protect Plan.
If you are looking for a mortgage, savings plan or insurance, use the tools on SimplyFinance.co.uk to find the best rate for you. This article should not be interpreted as financial advice or as a recommendation by SimplyFinance to use any individual service or to invest with any company advertised or mentioned.
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TODAY’S MORTGAGE RATES
| Loan Type | Rate | APR |
|---|---|---|
| Fixed | 5.6% | 6.9% |
| Tracker | 5.64% | 5.9% |
| Discounted | 5.7% | 6.9% |
| Capped | 6.05% | 7.2% |
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