Lloyds TSB new Easy Step fixed rate mortgage
Published: 20 July 2009 By MoneyhighStreet Staff Leave a Comment
Lloyds TSB has launched a new fixed rate mortgage called ‘Easy Step’ to help with the initial financial strain buying a home can cause.
When buying a house and taking out a mortgage, there are significant costs incurred in the initial few months after the house purchase.
The new ‘Easy Step’ fixed rate mortgage from Lloyds TSB, takes this into account and provides a stepped rate of interest, with a lower rate for a minimum of the first 3 months.
The first interest rate, Rate step 1, applies until 28 Feb 2010.
The second interest rate, Rate step 2, applies until 31 Dec 2012.
There is a 3 year fixed mortgage available, with either up to 75% LTV or up to 60% LTV.
Easy Step – 3 year fixed mortgage, up to 75% LTV
- Rate step 1 – 2.59%
- Rate step 2 – 5.59%
Easy Step – 3 year fixed mortgage, up to 60% LTV
- Rate step 1 – 2.49%
- Rate step 2 5.49%
Both mortgages have a £995 fee.
Commercial director of mortgages at Lloyds Banking Group, Stephen Noakes, said ‘Upfront costs such as legal fees or stamp duty can discourage potential buyers from making that purchase. The low initial payments of the Easy Step mortgage give the option of some breathing space to get on top of these costs’.
