The two-year fixed rate mortgage is offered with rates from 5.99% and is available with an LTV of 85%-90%.
First-time buyers will not have to pay the mortgage product fee of £495, or the mortgage account fee of £265, meaning the savings total £760.
Stephen Noakes, mortgage director, Lloyds TSB, says: “One of the main barriers facing first-time buyers is the associated costs of buying your first home. We are delighted to be introducing this product, designed specifically for those looking to take the first step on the housing ladder, to help remove the key hurdle of cost.”
All products are available on loans from £5,000 up to £1m.