Lloyds TSB launches new mortgage rates

Lloyds TSB has launched a new market leading fixed rate mortgage for borrowers putting down a 30 per cent deposit.

The new mortgage rate is available, at 2.94 per cent for up to 70 per cent loan to value LTV, to all homebuyers and remortgage customers as well as first-time buyers which makes it one of the best mortgage rates on the market.

Stephen Noakes, commercial director of mortgages at Lloyds TSB, commented: "Twenty years on from the peak of fixed rate products, we're launching a new market leading rate. Whether you're looking to buy a new home or remortgage to the stability of a fixed deal, this provides certainty of an attractive rate for two years".

The product is available in branches of Lloyds TSB and Cheltenham and Gloucester and homebuyer customers will also benefit from the free Lloyds TSB Home Harmony service, to help them settle into their new home.

Lloyds TSB research into fixed rate mortgages has revealed that 2007 was the most popular year for fixed rate mortgages accounting for 73 per cent of lending with an average mortgage rate of 5.7 per cent.

Mortgage rates are being lowered by a number of providers with Santander, Coventry Building Society and Norwich & Peterborough releasing cheap mortgages last month.
 

Moneyextra.com recommends you take independent financial advice before acting on any article

Back

2010-09-02 12:18:10 © Moneyextra.com