Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Lloyds Unveils Loyalty Premier Mortgage Range with 20bps Discount
Lloyds has launched a new Loyalty Premier mortgage range, offering a 20 basis point (bps) discount to borrowers who hold a Lloyds Premier current account. The new products are available now via the intermediary website and provide a 20bps reduction compared to equivalent Halifax rates.
For example, the lowest two-year rate for homebuyers is 4.33% for core Halifax borrowers, but drops to 4.13% for Lloyds Premier customers. The Loyalty Premier products have unique codes for brokers to use when submitting applications.
Rate Reductions Across Halifax and BM Solutions
In addition to the new loyalty deals, Lloyds Banking Group has reduced rates by up to 15bps across the current Halifax and BM Solutions ranges. Halifax has cut fixed rates for homemovers and first-time buyers, while BM Solutions has lowered rates on buy-to-let purchase and remortgage deals.
Changes to Mortgage Branding
Last week, Lloyds Banking Group announced it would be retiring the 173-year-old Halifax brand, with all mortgages soon to appear under the Lloyds banner.
Wider Market Context
The changes from Lloyds come as several lenders have reduced rates in the past 24 hours. Nationwide has implemented reductions of up to 19bps, and Kensington Mortgages has cut rates by up to 40bps. BM Solutions and Halifax are both trimming up to 15bps on their core ranges, with the additional 20bps discount for Lloyds Premier customers.
These developments are relevant for UK letting agents and inventory clerks monitoring mortgage product changes, as they may impact buy-to-let and residential mortgage options for clients.
Source: Mortgage Strategy