Lloyds Bank lowers mortgage rates to support first-time buyers

First-time buyers with a Lloyds Bank mortgage are set to benefit after a 0.30 per cent mortgage rate reduction.

The change applies to those on a two-year fixed rate mortgage at 85-90 per cent LTV (loan-to-value ratio), now 3.54 per cent with a £995 fee for Club Lloyds customers, and 3.74 per cent otherwise.

It also refers to people with a five-year fixed rate mortgage at 85-90 per cent LVT (reduced to 4.24 per cent with a £995 fee for Club Lloyds customers, and 4.44 per cent otherwise) and new build first-time buyers with a 85-90 per cent LVT mortgage, now 3.74 per cent with a £995 fee, for Club Lloyds customers, and 3.94 per cent otherwise.

These reductions are the latest incentives designed to help first-time buyers, after Lloyds launched a ‘Hassle Free’ mortgage offer, which intended to make getting on the housing ladder less of a hassle by offering help with legal and administration costs, and expert advice.

Andrew Mason, Lloyds Bank’s mortgage products director, said: “Purchasing a home for the first time is an important step in everyone’s life and Lloyds Bank is committed to helping first-time buyers climb onto the property ladder.”

By Amy White