Friday 29th December 2006
Lloyds TSB has launched a new mortgage which it says is suitable for new buyers and for those wishing to remortgage.
Available for up to 90 per cent of the house value, for purchases from £25,000 to £250,000, the new product offers an initial interest rate of 1.99 per cent.
The Low Start opening period is scheduled to last until February 29th 2008, beyond which time a 5.99 per cent rate is to apply for a further four years.
Jon Pain, managing director of Lloyds TSB Mortgages, said: "The Lloyds TSB Low Start mortgage will help customers who are looking to keep their mortgage payments as low as possible."
He added that it also offers "the security of fixed payments at competitive rates for a further four years".
After the February 29th 2012 deadline, the mortgage is to revert to Lloyds TSBs standard variable rate for the remainder of the term.
Lloyds TSB provides a number of mortgages with no fee, as well as paying legal costs on remortgages of greater than £50,000.
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