Lloyds TSB launches hybrid tracker and fixed rate deal

Lloyds TSB says one in three homeowners will not be able to benefit from a fall in interest rates, expected at the end of 2007, by opting for fixed rates in case rates do rise again. The new product, called Track & Lock, will follow the Bank of England base rate but allows the borrower to change to any Lloyds TSB fixed rate when they choose without incurring an early repayment charge. Alison Burns, director of network mortgage sales at Lloyds TSB, says: “Currently just 15 per cent of homeowners have a tracker mortgage but as thousands face increased monthly repayments they need to conside...