Lloyds TSB’s first-time buyer (FTB) customers have seen their new fee saver mortgage offerings improved.
The lender revealed it is now giving people the opportunity to save up to £760 on the cost of their home loan, while an extra £500 cash back initiative has also been introduced.
Available with a loan-to-value of 85 per cent to 90 per cent, the two-year fixed rate option comes with rates from 5.99 per cent, while FTB will not be required to pay the mortgage account fee of £265, nor the home loan product cost of £495.
It means the total package for the deal – taking into account cash back and saved fees – stands at a value of £1,260.
Stephen Noakes, mortgage director at Lloyds TSB, noted the associated costs of purchasing a home represent some of the main hurdles faced by FTBs looking to get their foot on the first rung of the property ladder .
Mr Noakes stated: “We are delighted to be enhancing this product, designed specifically for those looking to take the first step on the housing ladder, to help remove the key hurdle of cost.”
