Lloyds TSB launches cash-back offer for re-mortgagers

Lloyds TSB has launched a new two-year fixed term re-mortgage deal that offers homeowners £500 cash-back.

The deal offers borrowers the cash-back in a lump sum when they switch from another lender to re-mortgage with Lloyds TSB.

Offering an initial interest rate of 5.99 per cent, the mortgage is available on loans up to 90 per cent of loan-to-value, with a product fee of £995 that can either be paid up front or added to the loan amount.

"Many re-mortgagers are tightening the purse strings this Christmas to meet increased payments in today’s higher rate environment," said Alison Burns, director of network mortgage sales at Lloyds TSB.

"This competitive fixed rate, together with £500 cash-back, gives a welcome boost to homeowners’ New Year finances," she added.

Earlier this month, a survey undertaken by Lloyds TSB revealed that 64 per cent of homeowners who are set to re-mortgage next year plan on curbing their Christmas spending to meet their mortgage repayments.

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