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Lloyds TSB launches market-leading mortgage

Monday, 6 September 2010 6:00 PM

Lloyds TSB has introduced a fixed-rate mortgage at 2.94 per cent, which is available for house purchase and remortgage borrowers with a deposit of at least 30 per cent.

The two-year product, which is also available to first-time buyers, has a product fee of £1,895 and stands ahead of the average fixed rate in the first half of 2010, which was 4.62 per cent according to Lloyds TSB research.

"Twenty years on from the peak of fixed rate products, we're launching a new, market leading rate," commented Stephen Noakes, commercial director of mortgages at Lloyds TSB.

"Whether you're looking to buy a new home or remortgage to the stability of a fixed deal, this provides certainty of an attractive rate for two years."

Last month, the bank revealed that Scotland's property market recovery from the recession appears to have hit a standstill, with the price index for the average house falling by 2.9 per cent in the second quarter of the year.

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