Sunday, 23rd November 2014

First time buyer mortgages with flexible features

photo_1.jpgCommercial Feature

If you’re currently in the market for a first time buyer mortgage, there may be a number of questions you have about which product is best for you. You may also be wondering how best to work towards the property of your dreams while staying with a mortgage provider you can trust.

At Lloyds TSB, we have a number of options available that might perfectly suit your needs. All of our mortgages, are put together with a level of flexibility that many of our customers find comes in handy later on as their circumstances change - or as they climb further up the property ladder.

In March 2010, we launched a new scheme designed to allow customers with tracker mortgages the option to overpay. This means they can add extra to their agreed monthly payment by anything up to 20 per cent without any financial penalty. Running until March 2011, it also means these homeowners can reduce the length of their mortgage term and even end up cutting the amount of interest they have to pay overall. Of course, varying this amount can leave you open to early repayment charges further down the line, so you might find it’s worth checking the details of the products we offer ahead of making any final selection.

The move to make our mortgages even better followed research conducted on behalf of Lloyds Banking Group by Opinion Matters. Feedback showed that around one in four consumers were making overpayments on their mortgage, with 48 per cent saying they were doing so to reduce its term. A further 22 per cent said their reasons were based on a desire to pay less interest over its term.

As first time buyers you may find you are future-proofing your finances by choosing one of the many Lloyds TSB mortgages we have available. In addition to the option to make overpayments, you may at some point be able to take a payment holiday or arrange to pay less for a while. These features are, however, only open to eligible customers who meet the conditions that apply at the time, and contacting your local branch or phoning our mortgage experts is one easy way to see if this is something we can do. Of course, this is subject to a charge and it is important to bear in mind that just as making extra payments reduces your mortgage balance, underpaying will lead to you paying more overall.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE