Lloyds TSB three-year fixed-rate mortgage 'excellent value'

Date:Thursday 30th September 2010
Author: Max Freedman

A new Lloyds TSB three-year fixed-rate mortgage has been lauded by a source at the firm as being great value thanks to its low interest rate.

Stephen Noakes, commercial director of mortgages at the company, made his comments after the launch of the new product, which is available at up to 70 per cent loan to value, with interest at 3.99 per cent.

He described it as being excellent value, particularly since customers will be able to take advantage of a free legal service for applications made in October, which he claimed could save people up to £550.

The Lloyds TSB three-year fixed-rate mortgage also features an £895 product fee, but conveyancing is free.

"This is our lowest three-year fixed rate ever, which will be available to the majority of home movers," said Mr Noakes.

Lloyds TSB launched a two-year fixed-rate product this month, which is available at up to 70 per cent loan to value and offers an interest rate of 2.94 per cent.