Today, Wednesday 2nd April, Lloyds Bank announced the launch of new rates on its Islands Mortgages, with customers now getting better rates across a variety of products.

• 2 year fixed rate reduced by 0.20% to 2.94%, available up to 75% LTV
• 2 year fixed rate reduced by 0.20% to 3.69%, available up to 85% LTV
• 3 year fixed rate reduced by 0.20% to 3.99% available up to 85% LTV
• 5 year fixed rate reduced by 0.10% to 3.69% available up to 75% LTV
• 5 year fixed rate reduced by 0.25% to 4.24% available up to 85% LTV

These products come with a ?999 mortgage fee.

Lloyds Bank gives free valuations for any customers who take an 85%-90% LTV Fixed Rate product (across the 2, 3 & 5 year terms), and for First Time Buyers will absorb the mortgage fee of up to ?999. Furthermore, if a customer qualifies for a Premier Account, Lloyds will refund ?250 towards legal fees on completion.

The Island Premier Account also gives customers access to an Island Premier Manager and any account fees are waived if balances are kept above ?5,000.

Michael Chaytor, Head of Islands Retail Banking, Lloyds Bank, said: “Improving our rates across a variety of our mortgage products on the Island is a clear sign that we are open for business and helping customers buy their dream home. As the housing market continues to strengthen, Lloyds Bank is reducing rates on a number of products to help underpin these improvements. Whether customers are looking to remortgage or buy their first home, these competitive rates can really help.

“Along with these changes, we also have a strong commitment to first time buyers by supporting the States schemes, including the Affordable Housing Deferred Payment Scheme in Jersey and the House Purchase Assistance Scheme in the Isle of Man.”