he Easy Step mortgage offers a lower rate for a minimum of the first three months of home ownership to help homebuyers cover their moving expenses which, for the average purchase of £155,000, can add up to at least £3,850 (1).
Available in Lloyds TSB branches, rates start from 2.49 per cent.
Rate step 1
(until 28.2.10) Rate step 2
(1.3.10 to 31.10.12) LTV Fee
3 year fix 2.59 per cent 5.59 per cent 75 per cent £995
3 year fix 2.49 per cent 5.49 per cent 60 per cent £995
Stephen Noakes, commercial director of mortgages, Lloyds Banking Group said; "Upfront costs such as legal fees or stamp duty can discourage potential buyers from making that purchase. The low initial payments of the Easy Step mortgage give the option of some breathing space to get on top of these costs.
"As the UK’s largest lender we’re looking at different ways to encourage house purchase in order to stimulate the market. The Easy Step mortgage offers customers another choice in our homebuyer range."
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