The new 1.99 per cent, two-year tracker mortgage from Lloyds TSB may not be the attractive proposition it appears, an expert has claimed.
According to the Daily Mail's Neil Simpson, the "shockingly high fee" attached to the new mortgage product from Lloyds TSB renders it the most expensive on the UK market.
In his newspaper article Mr Simpson explained that, unlike a conventional mortgage deal, the bank has decided not to charge a fixed application on the remortgage offer.
Instead, Lloyds is to charge three per cent of the mortgage amount in set-up costs, though, Mr Simpson explaineded the bank also offers alternatives to the high-fee mortgage deal .
He wrote: "Instead of paying three per cent for a two-year tracker, you can pay a flat fee of £895 - though you'll pay 2.99 per cent over base rate, not 1.49 per cent."
Meanwhile, the Post Office recently decided to lower the rates on its fixed and tracker mortgage products for the second time in the space of a month.
Expert explains new mortgage product from Lloyds
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Expert explains new mortgage product from Lloyds
Tue, 02 Mar 2010
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