Lloyds Bank has announced today that it has reduced its rates across mortgage products designed for those taking their first step on to the property ladder.

The lender confirmed that the changes will apply to its two year and five year 85-90% LTV first-time buyer mortgages, which will be reduced by 0.30%:

    2 year fixed rate mortgage at 85-90% LTV, reduced to 3.54% with £995 fee for Club Lloyds customers, and 3.74% otherwise

    5 year fixed rate mortgage at 85-90% LVT, reduced to 4.24% with a £995 fee for Club Lloyds customers, and 4.44% otherwise

New Build first-time buyer 85-90% LVT mortgage will also be reduced, so for Club Lloyds customers it will be 3.74%, with a £995 fee, otherwise 3.94%. Previously this rate was 4.04%.

Andrew Mason, Lloyds Bank Mortgage Products Director, had this to say: “Purchasing a home for the first time is an important step in everyone’s life and Lloyds Bank is committed to helping first-time buyers climb onto the property ladder. 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.”