Lloyds cuts rates

Lloyds cuts rates

Lloyds Bank has cut rates on its two-year fixed-rate 60 per cent loan-to-value mortgages for remortgage customers, first-time buyers and home movers.

Andy Hulme, mortgages director at Lloyds, said: “These new rates are a great option for those looking to save money on their monthly payments when remortgaging.

“Many people, particularly those on standard variable rates, could save money by fixing their mortgage payments.”

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Key Features

■ Two-year fixed-rate remortgage at 60 per cent LTV reduced from 1.74 per cent to 1.54 per cent with £995 fee for Club Lloyds customers.

■ Two-year fixed 60 per cent LTV homemover and first-time buyer rates are also being reduced by 0.25 per cent.

■ Those remortgaging can also take advantage of Lloyds’s offer, which gives customers £500 cashback towards any costs they might incur as a result of moving their mortgage.

Adviser verdict

Ian Gwinnell, director of Staffordshire-based All Counties Financial, said: “It is always good to see rates coming down. If they are fixed then they are even more attractive, because there is some security there.”