Lloyds TSB New Fixed Rate Mortgage

Published: 2 September 2010 By MoneyHighStreet Staff Leave a Comment

Lloyds TSB this week launched a new fixed rate mortgage with a market leading rate of 2.94%.

Lloyds TSB fixed rate mortgageThe new fixed rate mortgage is a 2 year fixed product that is available to all homebuyers and remortgage customers, including first time buyers.

The mortgage requires a 30% deposit as the maximum Loan to Value (LTV) is 70%. There’s also a £1895 product fee.

Stephen Noakes, commercial director of mortgages at Lloyds TSB comments, “Twenty years on from the peak of fixed rate products, we’re launching a new, market leading rate. Whether you’re looking to buy a new home or remortgage to the stability of a fixed deal, this provides certainty of an attractive rate for two years”.

MoneyHighStreet comment: Whilst this may seem an attractive mortgage deal from Lloyds TSB, many first time buyers and indeed others looking to buy or move home will no doubt struggle with the scale of the deposit required.

The ongoing issue of lack of competitive mortgage products for those with smaller deposits is a worry and this coupled with ongoing economic issues hitting many, is raising concerns over the housing market. House prices dropped again in August and it seems that we’re in for further drops over the coming months.

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