Lloyds TSB has launched a fully flexible mortgage to give customers complete control of the structure and cost of their loan throughout the whole mortgage term, meaning they never have to switch their mortgage again.
The Lloyds TSB Easy Living mortgage allows customers to make overpayments; pay off their mortgage early; switch between repayment and interest-only or change their term, at any time throughout the life of the mortgage and without paying a fee.
None of the usual product fees, valuation fees, legal fees or closing administration fees apply.
The mortgage is available from Wednesday August 30, through all Lloyds TSB branches to customers borrowing between 25,000 and 1.5million on up to 95% of their homes value.
Jon Pain, managing director of Lloyds TSB Mortgages, says: The Easy Living mortgage means customers no longer have to switch their mortgage every two or three years in order to get the best deal.
In fact, over a 25 year term, if a customer remortgages at the end of each deal, they could be spending thousands more over the mortgage term than someone who chooses Easy Living.
And were giving customers complete control of their mortgage so they can do what they want when they want, which is what they have asked us for.