10 Jan

Lloyds launches new mortgage to give homebuyers security

Lloyds launches new mortgage to give homebuyers security

Lloyds TSB has released a new mortgage product for people looking to purchase houses for sale in the UK, which it states will give them security over their payments.

The financial services provider has released a new home loan, which enables people to take out a three-year fixed-rate mortgage at 3.74 per cent.

It is available on mortgages with loan-to-value (LTV) of 75 per cent or below and comes with a £1,495 product fee.

Stephen Noakes, commercial director of mortgages at the financier, said this product gives customers choice when looking to buy properties for sale in the UK.

"With increasing commentary about potential interest rate rises over the coming year, many borrowers will be looking for the security of lower monthly payments for the next three years which this product provides," he commented.

This new product is a reduction from the mortgage it released in October 2010, which allowed homebuyers to take out a loan at a rate of 3.99 per cent for LTV of 70 per cent or below.  ADNFCR-1222-ID-800332734-ADNFCR

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