Lloyds TSB introduces new mortgage rate

Lloyds TSB has introduced a new three-year fixed-rate mortgage for first-time buyers, house purchases and remortgages.

To qualify for the new mortgage rates customers must put down a 30 per cent deposit on any home purchase.

The new fix is available at a very competitive mortgage rate of 3.99 per cent and Lloyds TSB believes it is accessible to all as Council of Mortgage Lenders statistics state the average deposit paid on a home is 33 per cent.

Stephen Noakes, commercial director of mortgages at Lloyds TSB, said: "This is our lowest three-year fixed-rate ever, which will be available to the majority of home movers. We're committed to offering our customers flexible and competitive products."

The bank is also providing a free legal service on all mortgage applications for home purchases made throughout October, which could save customers £550 on average on their purchase.

Lloyds TSB also offers a free Harmony telephone service, which provides access to a dedicated helpline and website with details of trusted local services and tradespeople.

The latest mortgage release is an improvement on the products launched by Lloyds TSB last month which offered a rate of 2.94 per cent for up to 70 per cent loan to value.
 

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2010-10-01 12:33:35 © Moneyextra.com