High street bank Lloyds TSB has announced a new "Easy Living" mortgage product that it claims will mean customers "never have to switch their mortgage again."
The fee-free, full-term discount home purchase loan has a one per cent lifetime discount on a standard variable-rate loan of up to 90 per cent of the property's value and a 0.5 per cent discount for a loan-to-value of up to 95 per cent.
This equates to a current rate of 5.75 per cent, or 6.25 per cent for a higher proportion loan.
"The Easy Living mortgage means customers no longer have to switch their mortgage every two or three years in order to get the best deal," said Jon Pain, managing directo of Lloyds TSB Mortgages.
"In fact, over a 25 year term, if a customer remortgages at the end of each deal, they could be spending thousands more over the mortgage term than someone who chooses Easy Living.
"And we're giving customers complete control of their mortgage so they can do what they want when they want, which is what they have asked us for," Mr Pain added.
The new Lloyds TSB product allows overpayments, early repayments, switching between repayment and interest-only, and changes to the length of the term without fees.
The mortgage also has no lock-in period, after the first 12 months, and does not charge valuation fees, legal fees, or carry a closing administration charge.To read more about mortgages, click here.
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