Banking group Alliance & Leicester has cut interest rates on all but one of its mortgage products.

The mortgages, available in branches and on the net, have been reduced by between 0.1% and 0.55%, with deals on offer for an 85% maximum loan to value.

A two-year fee-saver tracker at 6.99%, or base rate plus 1.99%, has no fee and a free valuation, while remortgage customers could get £200 cash back.