Lloyds Bank has launched new rates across a variety of its Islands Retail Banking mortgages, which are expected to reduce burden on customers.

Lloyds has reduced the 2-year fixed rate by 0.20% to 2.94% for up to 75% loan-to-value (LTV) and 3.69% for up to 85% LTV.

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The 3-year fixed rate has been reduced by 0.20% to 3.99% and is available up to 85% LTV, whereas the 5-year fixed rate has been reduced by 0.10% to 3.69% for up to 75% LTV and by 0.25% to 4.24% for up to 85% LTV.

All the products carry a mortgage fee of £999. However, for first time buyers, Lloyds will absorb the complete mortgage fee.

Additionally, Lloyds Bank is giving free valuations for any customers who go for 85%-90% LTV fixed rate product on any term selected and will refund £250 towards legal fees if customer qualifies for a Premier Account, which give customers access to an Island Premier Manager and does not charge any account fees if balances are above £5,000.

Lloyds Bank Islands Retail Banking head, Michael Chaytor, was quoted by isleofman.com as saying that improving their rates across a variety of their mortgage products on the Island is a clear sign that they are open for business and helping customers buy their dream home.

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"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," Chaytor added.