Customers who have a fixed-rate mortgage with troubled lender Northern Rock are to be offered the chance to switch to Lloyds TSB when their deal expires, it has been announced.
The two mortgage lenders have entered into an agreement which will see selected customers offered a "competitively priced" product at Lloyds TSB when their current deal runs out.
Helen Weir, group executive director, UK retail banking for the bank, said: "It will greatly reduce the uncertainty involved for customers who choose to switch providers and gives them peace of mind in the current uncertain market conditions."
Customers eligible for the switch will also have the application fee waived as well as benefiting from free legal and valuation work, she added.
Last week, mortgage advice firm John Charcol urged customers to take out a fixed-rate deal.
The company believes that there is little prospect for a dramatic fall in interest rates in the near future and so people should secure a deal now.
Northern Rock customers to be offered Lloyds TSB mortgages
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Northern Rock customers to be offered Lloyds TSB mortgages
Mon, 09 Jun 2008
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