Released on: July 21, 2008, 11:45 pm

Press Release Author: Gracy

Industry: Financial

Press Release Summary: Alliance & Leicester investors are living under a doubt as to the future of their investments as A&L is likely to fall prey to Abbey\'s plans.

Press Release Body: London (Shakespearefinance) July 21, 2008: A&L\'s 450,000 mortgage borrowers are in a doubt about the future of their investments due to the latest twist surrounding Alliance & Leicester and Abbey.

Some market analysts and mortgage borrowers are of the view that the future somehow seems bleak with Abbey coming into the picture. The views are further supplemented by the growing storm buffeting banks and building societies in the UK.

Recently, Financial Mail offered some solutions to common questions coming in the minds of A&L customers. It said that the A&L borrowers will continue to pay the same amount in the form of monthly repayments as they were paying with A&L. However, those on variable rates will soon be entering into Abbey\'s zone of variable rates once the takeover is completed by October end. In the meanwhile, it is a good news for the A&L customer since the standard variable rate of Abbey stands at 7.09% as against 7.19% of A&L. Richard Morea of mortgage broker London & Country in Somerset is of the view that A&L is far more transparent than Abbey as far as re-mortgage is concerned.

It is viewed that the fixed rate savings deals in the terms of A&L savings accounts will be honoured by Abbey while the variable rates will change for the worse. In the meanwhile, Abbey, being registered with the Financial Services Compensation Scheme of Britain, offers more savings\' protection to its customers as compared to A&L. It is expected that A&L will migrate the customers of A&L on to its own range of current accounts, which are not as favourable to the customers in context of the terms and interest rates.

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