Lloyds TSB mortgage rate saver for first-time buyers.

A new Lloyds TSB mortgage rate has been launched aimed specifically at first-time buyers, who are to be offered deals at between 85 and 90 per cent LTV. The new product will be available for loans of between £5,000 and £500,000.

The newly launched deal for those with a Lloyds TSB current account, is a 2 year fixed rate product available at a rate of 5.99 per cent with fee incentives. If you do not have an account with the lender the rate charged will be 6.09 per cent.

The lender is waiving its mortgage product fees and mortgage account fees of £495 and £265 respectively. This offers first time buyers a total saving of £760 and is a great help now stamp duty is applicable on purchases over £125,000.

First time buyers in Scotland will have access to the same Loyds TBS mortgage rate saver package, however they will be offered a saving of £594 which accounts for £495 product fees and a £99 booking fee.

Lloyds TSB's mortgage director Stephen Noakes commented on the lender's new first time buyer saver mortgage saying that Lloyds TSB considers the main barrier to first time buyers purchasing a home is the associated costs such as fees.

He added that the lender is therefore pleased to introduce the new saver mortgage which they have designed for those first time buyers wanting to make their first step on the property ladder. By removing associated costs it is hoped many first timers will be helped.

If you are interested in the Lloyds TSB mortgage rate saver contact Deal Direct today. Our skilled mortgage advisers can source you a deal from the entire UK mortgages market.