Snap up the new Lloyds TSB first-time buyer mortgage

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Snap up the new Lloyds TSB first-time buyer mortgage

Those who are currently looking for their first home during the property price downturn an now take advantage of the new Lloyds TSB first-time buyer mortgage.

The mortgage, which offers rates well below the industry's average of 90 per cent of 5.98 per cent, enables Lloyds TSB customers to earn a competitive fixed-rate of 3.5 per cent.

Additionally, first-time buyers will be allowed to borrow with a more lenient view to their credit footprint - often a major reason why many are refused higher loan-to-value mortgages.

Commercial director of mortgages for Lloyds TSB Stephen Noakes commented: "Market conditions mean virtually no 95 per cent loan-to-value mortgages are available at the moment, while the few that are come at a high price with stringent credit requirements."

He added that this example, however, highlights the important role first time buyers play in "returning the housing market to good health".

According to the advice of first direct, Brits with a £100,000 25-year mortgage can save up to £18,000 when they change to an offset example.

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