Lloyds Bank has reduced its rates on its mortgage products designed to support first-time buyers.

The changes apply to its two year and five year 85-90% LTV first-time buyer mortgages, which will be reduced by 0.30 percentage points.

• 2 year fixed rate mortgage at 85-90% LTV, reduced to 3.54% with £995 fee for Club Lloyds customers, and 3.74% otherwise
• 5 year fixed rate mortgage at 85-90% LVT, reduced to 4.24% with a £995 fee for Club Lloyds customers, and 4.44% otherwise

New Build first-time buyer 85-90% LVT mortgage will also be reduced, so for Club Lloyds customers it will be 3.74%, with a £995 fee, otherwise 3.94%. Previously this rate was 4.04%.

Andrew Mason, Lloyds Bank’s mortgage products director, said: “Purchasing a home for the first time is an important step in everyone’s life and Lloyds Bank is committed to helping first-time buyers climb onto the property ladder. In April we launched our ‘hassle free’ mortgage offer to take some of the stress out of moving home, which gives first-time buyers – as well as home movers and those seeking to remortgage – help with legal and administration costs, plus expert advice to make it easier for them to secure a mortgage.

“These latest rate reductions will provide first-time buyers with a further helping hand to support them in purchasing that all important first property.”