Alliance & Leicester, which is now part of the Santander Group, is re-entering the tracker market, with a two-year base rate tracker at a rate of 4.89%. There is a 1% arrangement fee and 60% loan-to-value.

The product also allows customers to overpay every month by any amount, or in lump sums of £500 or more. With the overpayment "credit" customers can build up, they can borrow money back, take payment holidays or pay less in some months.

A new two-year fixed-rate at 4.49% is also being added to the range, with a 1% arrangement fee and 60% loan-to-value.

The new offers will be available from Friday 14 November via brokers, Alliance & Leicester branches and by telephone from Mortgage Direct.

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