Lloyds Bank has reduced two year fixed further advance rates by one percentage point.

Rates have reduced from 4.89% to 3.89%, available on further advances between £10,000 and £2 million.

Andy Hulme, mortgages director at Lloyds Bank, said: “These new further advance rates are a great option for those looking to borrow more money against their property. As we enter the DIY season, people will be looking to update their property with new kitchens, bathrooms, and even larger scale home improvements. These new rates will help make borrowing for these improvements more affordable.”

meanwhile, Lloyds Bank is continuing its cashback offer, which will refund one month’s standard mortgage payment for qualifying homemovers, up to the value of £1,000. The cashback offer is available on all homemover mortgages from Lloyds Bank, up to 95% loan to value, including the bank’s Help to Buy mortgage guarantee scheme products.