Lloyds Bank Offset Mortgages

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1.40%Reverts to 3.99% after 2 years


Overall Cost for Comparison 3.70% APRC. This is the cost of the mortgage over the full term. Early redemption charges may apply.

Provider

Type

Initial Interest Rate

Initial Term

Max LTV*Product Fee 
Fixed

1.40%

Reverts to 3.99%

2

Years

60%

YesMore Info >
£250 Cashback. Early redemption charges may apply. Overall Cost for Comparison 3.70% APRC. This is the cost of the mortgage over the full term.
Tracker

1.84%

Reverts to 3.99%

2

Years

60%

YesMore Info >
Early redemption charges may apply. Overall Cost for Comparison 3.80% APRC. This is the cost of the mortgage over the full term.
Tracker

2.07%

Reverts to 3.99%

2

Years

75%

YesMore Info >
Early redemption charges may apply. Overall Cost for Comparison 3.80% APRC. This is the cost of the mortgage over the full term.
Fixed

1.79%

Reverts to 3.99%

5

Years

60%

YesMore Info >
£250 Cashback. Early redemption charges may apply. Overall Cost for Comparison 3.30% APRC. This is the cost of the mortgage over the full term.
Fixed

1.79%

Reverts to 3.99%

5

Years

60%

YesMore Info >
£250 Cashback. Early redemption charges may apply. Overall Cost for Comparison 3.30% APRC. This is the cost of the mortgage over the full term.
Fixed

2.27%

Reverts to 4.49%

5

Years

75%

YesMore Info >
£500 Cashback. Early redemption charges may apply. Overall Cost for Comparison 3.70% APRC. This is the cost of the mortgage over the full term.
Fixed

3.03%

Reverts to 3.99%

2

Years

85%

NoMore Info >
Early redemption charges may apply. Overall Cost for Comparison 3.90% APRC. This is the cost of the mortgage over the full term.
Fixed

2.94%

Reverts to 3.94%

10

Years

80%

NoMore Info >
Early redemption charges may apply. Overall Cost for Comparison 3.30% APRC. This is the cost of the mortgage over the full term.
Fixed

4.10%

Reverts to 3.99%

2

Years

95%

NoMore Info >
Early redemption charges may apply. Overall Cost for Comparison 4.10% APRC. This is the cost of the mortgage over the full term.

Representative Example:


A repayment mortgage of £120,000 payable over 28 years and 1 month initially on a fixed rate for 2 years at 1.99% and then on the lender current variable rate of 3.69% (variable) for the remaining 26 years and 1 month would require 24 monthly payments of £465.20 and 312 monthly payments of £565.39 and one final payment of £565.19.


The total amount payable would be £189,357.67 made up of the loan amount plus interest (£68,161.67), booking fee (£999), completion fee (£30) and valuation fee (£197).


In this example the overall cost for comparison is 3.7% APRC representative.


YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Lloyds Bank is a UK bank that currently has around 16 million customers.  It is a subsidiary of the Lloyds Banking Group, which is also responsible for Halifax and Bank of Scotland. Despite the banks size and wide customer base, those who are looking to take out an offset mortgage from Lloyds are going to be disappointed by the fact that the bank does not currently offer offset mortgages. However, if you already hold an offset mortgage, Lloyds may be able to offer you the opportunity to borrow more on an offset basis.


We have listed a few of what we consider to be some of the best offset mortgage deals that are currently available on the market right now in the product comparison table below.

Offset mortgages would be a flexible type of mortgage that can be linked to a number of your bank accounts, including current and savings accounts. By forfeiting interest on credit balances, the interest you pay on your mortgage could be significantly lowered.


For example; if a customer had a mortgage of £150,000 and savings of £35,000, they would only pay interest on £115,000 of their mortgage loan.


The widely reported benefits of an offset mortgage are as follows:

 

  • Flexibility
    An offset mortgage will usually allow you to make over- or underpayments, as well as take payment breaks or withdraw money from your account.
  • Tax benefits
    Savings are usually taxed, though if you link your savings to an offset mortgage, they will be tax-free.
  • Early repayment
    As monthly repayments on an offset mortgage are calculated based on the whole loan, you could effectively ‘overpay’ each month – meaning that you could pay your mortgage back ahead of schedule.


Although Lloyds Bank do not offer offset mortgages, there are many other banks and building societies that do.  Please see the comparison tables above for further information on some of these offset mortgage deals.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

The above mortgage products highlighted on this website are available directly through lenders who will be able to provide further information about the product you are interested in. If you are unsure about what mortgage product is suitable for you, we suggest you speak to an independent mortgage broker