Lloyds TSB

Lloyds TSB

February 27, 2013 09:00 ET

Major Reductions on Lloyds TSB First Time Buyer Products

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

LONDON, UNITED KINGDOM--(Marketwire - Feb. 27, 2013) - Lloyds TSB 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 (27 February 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 TSB, 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 TSB'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.

For further information please contact:

Katie Taylor, Media Relations Manager - katie.taylor@lloydstsb.co.uk - 020 8936 5670

Claire Barratt, Media Relations Manager - claire.barratt@lloydstsb.co.uk - 020 7661 4668

Notes to editors

Selection of rate changes to the Lloyds TSB mortgage range

First Time Buyer (from 30 January)

- Fixed 75-80% LTV (£495 fee) 2 year reduced by 0.30% to 4.04%
- Fixed 80-85% LTV 2 year (£495 fee) reduced by 0.30% to 4.69%
- Fixed 85-90% LTV 2 year (no fee) reduced by 0.50% to 5.19%
- Fixed 85-90% LTV 5 year (no fee) reduced by 0.50% to 5.19%
- Fixed 85-90% LTV 7 year (no fee) reduced by 0.50% to 5.19%

Homemover (from 30 January)

- Fixed 60% LTV 2 year (£995 fee) reduced by 0.15% to 2.79%
- Fixed 60% LTV 2 year (no fee) reduced by 0.15% to 3.19%
- Fixed 75-80% LTV 2 year (£995 fee) reduced by 0.30% to 4.04%
- Fixed 75-80% LTV 2 year (no fee) reduced by 0.30% to 4.44%
- Fixed 80-85% LTV 2 year (£995 fee) reduced by 0.30% to 4.69%
- Fixed 80-85% LTV 2 year (no fee) reduced by 0.30% to 5.09%
- Fixed 85-90% LTV 2 year (£995 fee) reduced by 0.50% to 5.19%
- Tracker 60% LTV 2 year (£995 fee) reduced by 0.10% to 2.69%
- Tracker 60% LTV 2 year (no fee) reduced by 0.10% to 3.09%
- Tracker 75-80% LTV 2 year (£995 fee) reduced by 0.25% to 3.94%
- Tracker 75-80% LTV 2 year (no fee) reduced by 0.25% to 4.34%
- Tracker 80-85% LTV 2 year (£995 fee) reduced by 0.25% to 4.59%
- Tracker 80-85% LTV 2 year (no fee) reduced by 0.25% to 4.99

Shared Equity / Shared Ownership (from 1 February)

- Homemover - fixed 80% LTV 2 year reduced by 0.20% to 4.49% (£999 fee)
- Homemover - fixed 90% LTV 2 year reduced by 0.50% to 5.99% (£999 fee)
- Remortgage - fixed 85% LTV 2 year reduced by 0.20% to 5.09% (£999 fee)

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