Lloyds TSB and Cheltenham and Gloucester (C&G) have launched a new range of tracker mortgages which promise cheaper rates.
Prices in the new range, unveiled today, have been cut by as much as 0.7 per cent and include mortgages for loans of up to 60 per cent and 75 per cent of property values.
Among the new offerings is a Two-Year ‘All Weather’ tracker with a rate of 4.09 per cent, which is the base rate plus 2.09 per cent, and a fee of £1,995. It is available for loan-to-values (LTV) of 60 per cent and 75 per cent.
For the lower fee of £995 borrowers can take out the same deal at a rate of 4.19 per cent. This is available for loan-to-values (LTV) of 65 per cent.
There is also a Full Term ‘All Weather’ tracker with a rate of 4.45 per cent and a £995 fee which is for LTVs of 75 per cent.
The All Weather option allows borrowers to switch to the banks’ fixed rate product at any time during the deal without incurring early repayment charges.
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