Worried about paying your mortgage? We have various ways that we can help you.
If you already have a Lloyds Bank mortgage, it’s simple to set up your next deal online or over the phone.
We’ll be in touch before your current deal ends to let you know about your options.
If you want to switch to a new deal, you can secure a new rate up to six months before your current one ends. You can start your new rate straightaway or wait until your current deal ends. If you choose to start your new deal straightaway and there's more than three months left on your current deal, you may have to pay early repayment charges.
If you decide not to switch, we’ll automatically move you onto one of our variable interest rates when your current deal ends. Staying on this variable rate may cost you more each month. And your interest rate and monthly payment could also go up or down from month to month. So, it’s a good idea to check if switching to a new rate is better for you – as if rates go up, you could end up paying more for your mortgage each month than you budgeted for.Back to top
Your offer letter will tell you the lender variable rate that will apply at the end of your current deal. This is usually the Homeowner Variable Rate. However, if you applied for your current deal before 1st June 2010 it could be the Standard Variable Mortgage Rate.
The Standard Variable Mortgage Rate is no longer available so if you choose to switch deals, you will never be able to go back to the Standard Variable Mortgage Rate.Back to top
If you're on a fixed rate:
You can arrange a new deal up to six months before your current one ends. Once you’ve arranged your deal and secured your interest rate, you can:
If you move to your new rate and there are more than three months left on your current deal, we may charge you early repayment charges. Depending on your current monthly payments and the new deals available, you may save money by switching even if you need to pay early repayment charges. You can check how much these charges would be in your original offer letter, latest mortgage statement or by giving us a call 0345 603 1637.
If you're on a lender variable rate:
You can arrange to switch to a new deal at any time without paying any early repayment charges.Back to top
Our current mortgage deals are based on how much you owe on your mortgage in relation to how much we think your property is worth. This is known as your loan to value (LTV) and it is expressed as a percentage figure.
Use our mortgage calculator to view our current deals and compare monthly payments.
If you apply online you will need to decide which deal suits your circumstances best.
If you would like to talk to a mortgage adviser please ask us to call you back.Back to top
As a responsible lender we’ll make decisions based on understanding your individual circumstances. We’ll create tailored mortgage offers based on a number of factors; including your current credit score, usage of your accounts and in some cases, the energy efficiency of your property.Back to top
If you want to apply for a new deal, you can choose the way to apply.
If you would like to talk to a mortgage adviser please ask us to call you back.
You’ll be asked about your needs and circumstances. This will enable our mortgage adviser to recommend the most suitable deal for you.
If you have any interest only borrowing and you are looking for a new deal, we may ask you to provide suitable documentary evidence of any repayment plan you have in place.
You are responsible for making sure that you have a lump-sum available to repay any interest-only loans at the end of the mortgage term.
You can also apply online but if you do, you cannot get our advice and will have to make your own choice about the most suitable product to suit your needs.Back to top
If you want to apply online it'll take about 10 minutes and you'll need your mortgage account number to hand. Check your latest mortgage statement or logon to Internet Banking to view your mortgage account number.
If you're not registered for Internet Banking yet, it's easy and only takes about 5 minutes. Find out how to register.Back to top
If you apply in branch to switch to a new deal you will receive an illustration showing your new monthly payment and a declaration. As you have received advice, you will also receive a Reasons for our Recommendation letter.
If you apply over the phone then you will receive an illustration showing your new monthly payment and a declaration in the post and by email (if you have provided an email address). As you have received advice, you will also receive a Reasons for our Recommendation letter.
If you apply online you will be able to view your illustration showing your new monthly payment and declaration online, you can also accept your new deal electronically. We’ll send you paper copies in the post for your records.
Sometimes we’ll ask you to transfer the whole of your mortgage onto our latest mortgage conditions. If we do, you'll get a copy of these at the same time as you get the illustration and declaration. Take time to read all these documents before you agree to the transfer - they are really important.
If you have any interest only borrowing and you are looking for a new deal, you must have a repayment plan in place and apply over the phone or in branch. We may ask you to provide suitable documentary evidence.
You will need to agree to proceed with your application before we can make you a formal offer.Back to top
When you agree to proceed with the application we will make you a formal offer. You should read your offer carefully to make sure you are still happy to go ahead. You do not need to do anything else unless you change your mind.
We will send you a letter telling you when the transfer will take effect from and when we will start collecting your new monthly payment.
Product transfers usually happen on the first of the month after you make your application. However, sometimes it can take a little longer, for example if you make your application near to the month end or you don’t return any paperwork quickly. If this happens, the transfer will usually take effect from the first of the second month after you make your application.Back to top
Check your latest statement or sign in to Internet Banking, to see if there will be any early repayment charges to pay, if you switch some or all of your mortgage to a new product. As a current concession, early repayment charges that would otherwise be triggered by the switch are waived if there are 3 months or less to run on your existing deal. This waiver does not apply to other transactions which might trigger the payment of an early repayment charge, such as a lump sum overpayment.
If your existing deal has more than 3 months left to run, you can still switch your deal, but the waiver would not apply, so you may have to pay early repayment charges. Find out more about early repayment charges.Back to top
If you switch with us, you won’t need to pay any legal fees or need a new valuation. Depending on the mortgage deal you choose, we may charge you a fee, called a product fee. You can pay this fee up-front, or you can add it to the total mortgage amount. If you add it to your mortgage, we’ll charge interest on it at the same rate as the rest of your borrowing. You can check our current deals for more information.Back to top
If you are looking to borrow more at the same time as switching to a new deal, or you want to make a change to the term or repayment type of your existing mortgage, you will have to contact us to discuss your needs and circumstances with a qualified mortgage adviser.Back to top
When moving home, you’ll need to apply for a new mortgage, as you’ll be borrowing against a different property. However, you may be able to keep your existing deal; this is often called Porting. Find out more about moving an existing Lloyds deal to another property.Back to top
You can protect your mortgage with our Life and Body Cover. This type of insurance can give you the peace of mind of knowing that you and your loved ones will be able to keep your home if something happens to you. It could help to pay off your mortgage in the event of your death, or if you become too ill to work.
We have a range of options available to Lloyds Bank mortgage customers. Our Mortgage and Protection Advisers are on hand to discuss your needs and can help you to find the right level of cover for your needs.
You can find out more about protecting your mortgage, the cover we offer and how to get a personalised quote by visiting our Mortgage Protection page .Back to top
As a Club Lloyds current account customer you could take advantage of an exclusive 0.20% discount off your initial fixed rate, when you switch to a new mortgage deal.
Keep in mind