Mortgages  

Rate cuts aimed at Club Lloyds

Rate cuts aimed at Club Lloyds

Lloyds Bank has cut rates for the home movers and first-time buyers among its existing customers.

Key features

For those looking to move home, 90 per cent loan-to-value two and five-year rates have been reduced by 0.3 per cent.

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This starts from 4.29 per cent with a £995 fee and one month’s payment back for Club Lloyds customers.

For first-time buyers, 90 per cent LTV two and five-year rates have been reduced by 0.3 per cent.

This starts from 3.84 per cent with a £995 fee for Club Lloyds customers.

IFA verdict:

Chris Taylor, director of London-based The London Mortgage Brokers, said: “Some of the cheapest two-year fixed rates are coming in at less than 3 per cent, so these rates are not very competitive. But perhaps Lloyds will attract business on the basis of the criteria it focuses on rather than just the rates.”