Lloyds cuts rates

Michael Lloyd

December 19, 2019

Lloyds Bank has reduced the rate on its 5-year fix remortgage at 80% loan-to-value (LTV).  

Lloyds has cut the rate by 0.10% to reach 1.74%.

It comes with a £1,499 product fee payable upfront and free valuation and free legal fees.

Rachel Springall, finance expert at Moneyfacts, said: “This week, Lloyds Bank has made various cuts to selected fixed rates, with its 5-year fixed deal reducing by 0.10%.

“Now priced at 1.74%, the deal offers a highly competitive rate and incentive package.

“Those looking to remortgage and who wish to take advantage of some cost-saving incentives with a well-known brand may find this deal a competitive option, but they must pay for the product fee upfront.”

Meanwhile Barclays Mortgage has increased the rate on its 2-year fixed rate mortgage at 90% LTV by 0.05% to reach 1.85%.

It comes with a £999 product fee, all of which can be added to the mortgage advance, free valuation for all and free legal fees or £250 cashback for remortgage customers.

Springall added: “Now priced at 1.85%, and despite the rate rise, the deal remains a competitive choice as it also comes with a noteworthy incentive package.

“Those looking to take advantage could find the package enticing as borrowers will get a free valuation and remortgage customers are also offered the choice of free legal fees or £250 cashback.”

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