Lloyds TSB and Cheltenham and Gloucester cut fixed rates

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Lloyds TSB and Cheltenham and Gloucester cut fixed rates

Reductions have been made on particular fixed rates by Lloyds TSB and Cheltenham & Gloucester.

Mainstream two, three, five and seven-year fixed rates in the 60 per cent and 75 per cent ranges are being slashed by up to 0.11 per cent.

Stephen Noakes, director of marketing at Cheltenham & Gloucester, said it was the fifth reduction made in the past month.

He said it was helpful to people buying a new home or looking to remortgage.

Meanwhile, Skipton Building Society is launching a scheme on September 15th to help first-time buyers.

The Mutually Exclusive mortgage will help such borrowers to obtain a higher loan to value as a reward for bringing custom to the society.

Skipton will lend up to 95 per cent, subject to criteria.

If a first-time buyer can raise a five per cent deposit and has family who want to help, the Mutually Exclusive deal will take a charge against savings held by the relatives within the society.

Skipton Building Society managing director Steve Haggerty said the concept was "innovatively traditional".

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