New Lloyds TSB mortgage launched

Date:Tuesday 21st July 2009
Author: Susanna Kavka

A new Lloyds TSB mortgage has been added to the UK's home loan market.

Called the Easy Step, the product offers a lower rate of interest for a minimum of the first three months of home ownership.

The purpose of the mortgage is to help consumers cover the expenses they incur during the moving process.

According to the lender, such costs can average £3,850 for a property worth £155,000.

Commenting on the new offering, Stephen Noakes, commercial director of mortgages at the Lloyds Banking Group, said: "Upfront costs such as legal fees or stamp duty can discourage potential buyers from making that purchase."

The Easy Step mortgage can provide buyers with the necessary "breathing space" to cope with the costs, he added.

A Moneyfacts Treasury Report released this month suggested that the shelf life of mortgage products is falling as a result of the volatility of the market at present.