LloydsTSB offering cheaper mortgage rate bonus

LloydsTSB is offering a new incentive to consumers seeking cheaper mortgage rates.

Current account customers who deposit £1,000 or more each month and take out a new LloydsTSB mortgage qualify for a 0.2 per cent reduction on their deal.

According to the high street bank, the offer could help homeowners save hundreds of pounds per year on their mortgage.

On a 3.99 per cent fixed-rate repayment mortgage of £150,000, reduced to 3.79 per cent, the mortgagee would save £395 within two years.

Stephen Noakes, head of mortgages at LloydsTSB, said: "Rewarding our current account customers by helping to reduce the costs of their mortgage payments is just one of the ways LloydsTSB will continue to develop deeper relationships with our customers in these still challenging times."

Last week, Chelsea Building Society took steps to increase access to mortgages for first-time buyers.

The lender removed the arrangement fee from its new range of mortgage products, available at up to 85 per cent loan-to-value.

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

Back

2010-04-22 13:31:31 © Moneyextra.com