Lloyds TSB and C&G cut fixed and tracker rates

| July 30, 2008 | 0 Comments
Lloyds TSB and C&G cut fixed and tracker rates

Lloyds TSB and its mortgage subsidiary, Cheltenham & Gloucester (C&G), are cutting interest rates on two-year fixed-rate and tracker loans.

The lenders’ full-term tracker mortgages will see the maximum benefit, with rates reducing by 0.38%, to 5.95%. The maximum loan-to-value (LTV) ratio on these deals is 20%.

Interest on two-year fixed-rate loans with a maximum 90% LTV come down to 6.69%, and on two-year trackers with 75% LTV, to 5.89%.

A fee of £995 applies on all of the above.

Both Lloyds TSB and C&G have also launched a new product range for those needing to borrow between £50,000 and £250,000.

Borrowers with a 25% deposit can avail themselves of a two-year fixed-rate loan at 5.99% (£1,995 fee applies), or they may wish to consider a two-year tracker at 5.69%. The maximum LTV is 75% and the same £1,995 fee applies.

In related news, Lloyds TSB has announced a sharp fall in first-half profit.

In the six months to the end of June, the bank’s profit fell 70% on the same period of 2007.

The group wrote down £585 million in relation to risky assets and market volatility that impacted on it insurance arm.

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