Lloyds cuts first-time buyer rates by 0.3 per cent

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Lloyds Bank has reduced rates on first-time buyer mortgages by 0.3 per cent.

The changes apply to its two-year and five-year 85-90 per cent loan-to-value first-time buyer mortgages.

Its two-year fixed rate mortgage at 85-90 per cent LTV, reduced to 3.54 per cent with £995 fee for Club Lloyds customers, and 3.74 per cent otherwise.

The lender’s five-year fixed rate mortgage at 85-90 per cent LTV, reduced to 4.24 per cent with a £995 fee for Club Lloyds customers, and 4.44 per cent otherwise.

Its new build first-time buyer 85-90 per cent LTV mortgage will also be reduced, so for Club Lloyds customers it will be 3.74 per cent, with a £995 fee, otherwise 3.94 per cent. Previously this rate was 4.04 per cent.

Lloyds Bank mortgage products director Andrew Mason says: “In April we launched our ‘hassle free’ mortgage offer to take some of the stress out of moving home, which gives first-time buyers – as well as home movers and those seeking to remortgage – help with legal and administration costs, plus expert advice to make it easier for them to secure a mortgage.

“These latest rate reductions will provide first-time buyers with a further helping hand to support them in purchasing that all important first property.”