Lloyds TSB Mortgages: Maximise on mortgage savings

Date:Monday 10th November 2008

Homeowners have been advised by Lloyds TSB to make the most of their mortgage savings after the Bank of England cut the base rate to three per cent last week.

Stephen Noakes, marketing director at Lloyds TSB Mortgages, said that the reduction would lead to many homeowners on tracker or standard variable rate deals with more money to spare.

"In today's economic climate it's essential to make the most of these new found savings," he stated.

He urged mortgage holders to use this benefit to clear outstanding debts, protect their home's equity or save it as a "nest egg".

They might also make overpayments on their mortgages and set up standing orders to put the extra cash into a savings account.

Following the Bank of England base rate cut, a number of lenders failed to guarantee that they would pass the reduction on to mortgage holders.

But Lloyds TSB, Cheltenham & Gloucester and Abbey are all doing so.