Lloyds Banking Group (LBG) is to introduce a Homeowner Variable Rate of initially 3.99% for new Lloyds TSB and Cheltenham & Gloucester (C&G) mortgages from 1 June.
This will be in place of its current Standard Variable Mortgage Rate (SVR). It will not apply to existing Lloyds TSB and C&G customers, who will remain on or revert to the existing SVR, which is guaranteed to be base rate + 2%, unless they take a further advance or switch deals. The new rate will then only apply to the amount being transferred or the additional amount being borrowed. Customers taking mortgages from 1 June will not revert to the new rate until June 2012. In addition, a reversionary rate of 4.84% will now apply to all new C&G buy-to-let mortgages from 1 June. S...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
