Lloyds launches new fixed-rate deal

Lloyds has announced the launch of its latest mortgage product – an 18-year fixed rate mortgage with rates starting at 5.99 per cent.

The new product will set buyers back £99 when they apply and aims to attract those who are still cautions about the future of the housing market.

Richard Rowntree, head of network mortgage sales operations at Lloyds TSB, said: "This range caters for the new breed of 'wait and see' homeowner.

"Some customers crave the stability of a fixed rate deal but believe the interest rate environment will look different by 2009 and want the opportunity to take advantage of any falls.

"With these products customers have the security of knowing their monthly payments are fixed but also have the option to reassess their situation in 18 months' time."

Earlier this week, the bank also offered customers a new flexible rate tracker mortgage dubbed Track & Lock.

This product tracks the Bank of England's base rate but also allows homeowners to 'lock' into one of Lloyds fixed-rate deals when they wish.

© Adfero Ltd