ALLIANCE & Leicester has launched two new fixed rates. A two-year mortgage will be fixed at 4.74 per cent until February 29, 2004. There is an arrangement fee of £295 and customers can borrow up to 95 per cent of the property value.

An early repayment fee of six months’ gross interest will be charged only if the loan is repaid in full. Interest is calculated monthly.

A five-year mortgage will be fixed at 5.14 per cent until February 28, 2007. The arrangement fee is £295 and customers can borrow up to 95 per cent of the property value.