Lloyds TSB first-time buyer mortgage praised

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Lloyds TSB first-time buyer mortgage praised

Price comparison website MoneySupermarket.com has praised the new Lloyds TSB first time buyer mortgage, saying that now is the perfect time to have introduced it to cash-strapped buyers.

According to a spokesperson for the website, the Lloyds TSB first-time buyer mortgage offers a competitive rate, as well as some new activity in the high loan-to-value sector.

Not only this, but it is also indicates that the pressures on lenders may be finally starting to ease, the representative furthers.

They continued: "We need products like this to help kick start the housing market, as the absence of first time buyers has been one of the main factors blamed for the severity of the downturn."

The Lloyds TSB first-time buyer tracker mortgage offers a 3.5 per cent loan-to-value rate below the industry's average of 5.98 per cent.

Last month, Lloyds TSB pledged to support customers experiencing economic hardship by waiving their payments for up to six months while they get their finances back on track.

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