Major reductions on Lloyds Bank first time buyer products

26 Dec 2013 09:25 GMT

Lloyds Bank cuts first time buyer mortgage rates by up to 0.50%

Lloyds Bank has today cut rates on a wide range of mortgages as part of its commitment to helping kick start the mortgage market in 2013, with first time buyers (FTB) set to be the greatest beneficiaries.

Available from today (30 January 2013), selected rates have been reduced by up to 0.50%.
Changes include:

  • FTB 90% LTV 2 year fixed product reduced by 0.50% to 5.19%
  • FTB 90% LTV 5 year and 7 year fixed rate products reduced by 0.50% to 5.19%
  • Homemover 60% LTV 2 year fixed product reduced by 0.15% to 2.79%
  • Homemover 75-80% LTV 2 year fixed product reduced by 0.30% to 4.04%

The following changes are also being made to Shared Equity / Shared Ownership products on Friday 1st February:

  • Homemover 80% LTV 2 year fixed product reduced by 0.20% to 4.49%
  • Homemover 90%LTV 2 year fixed product reduced by 0.50% to 5.99%
  • Remortgage 85% LTV 2 year fixed product reduced by 0.20 to 5.09%

Stephen Noakes, Mortgages Director at Lloyds Bank, said:

"Our range of products is continuing to make home ownership a reality for so many first time buyers, and through innovative schemes such as Lloyds Bank's Lend a Hand, we're offering real solutions for those with smaller deposits."

"Whilst the property market is likely to continue to be challenging, we remain committed to getting things right at the start of the chain, creating liquidity in the housing market and helping more people get on to, and move up, the property ladder in 2013. These major rates cuts to our mortgage products should provide real support to customers."

Last week Lloyds Banking Group committed to lend £6.5 billion to help customers make their first step on to the property ladder in 2013. The pledge is expected to help around 60,000 people buy their first home by the end of the year. This pledge is part of the ongoing support the Group is providing to those looking to buy their first home.

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