Following the decision by the Bank of England last week to cut the base rate, Lloyds TSB, through its mortgage lender arm Cheltenham & Gloucester, has slashed its mortgage interest rates. The new lower rates are available for house buyers looking for fixed rate mortgage deals.
Lloyds TSB has applied the full 1.5% cut in the base rate to its interest rates, meaning that current customers on Standard Variable Rate mortgage deals, and Tracker deals, benefit from the cut. These new interest rate cuts are available for customers of Lloyds TSB and Cheltenham & Gloucester from tomorrow, Tuesday November 11th.
The new interest rates offered by Lloyds and C&G are as low as 4.89%, but require a sizable 25% deposit in order to take advantage of them.
Borrowers with a 40% deposit can take advantage of the 4.89% interest rate on a 2 year fixed deal, with a lender’s fee applying.
If you’re looking to take advantage of the new rate cut, you might want to hang on a few days as C&G are expected to announce a new fixed rate deal with just a 10% deposit later in the week.