- Wednesday, 21 April 2010Those struggling with
debt management could save hundreds of pounds per year on their mortgages, with LloydsTSB.
The bank announced today (April 21st) that it would be reducing its mortgage interest rates by 0.2 per cent for its current account customers who deposit £1,000 or more each month to repay their debt.
Within two years, a borrower could save £395 on a 3.99 per cent fixed-rate repayment mortgage of £150,000 when the interest is reduced to 3.79 per cent. On an interest-only mortgage for the same amount the borrower could save £601 in two years.
Stephen Noakes, head of mortgages at LloydsTSB, said: " Rewarding our current account customers by helping to reduce the costs of their mortgage repayments is just one of the ways LloydsTSB will continue to…develop deeper relationships with our customers in these still challenging times."
LloydsTSB already offers the option for customers to take payment holidays, which could help with
debt management, and allows a person to change the terms of their mortgage and make overpayments.
Mortgage lending increased in March to £11.5 billion, revealed the Council of Mortgage Lenders recently.
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