About Lloyds Bank
Lloyds Banking Group is one of the UK’s largest financial services providers, having offered a wide range of products to millions of customers since 1765.
It is the parent company of some of the biggest financial institutions in the country, including:
According to figures released last summer (2023) by UK Finance, Lloyds Bank Group is the biggest mortgage lender in Britain, with a 16.8% market share across all of its brands.
What type of mortgages do they offer?
Across its network of banks and financial services providers, Lloyds Bank can offer the following types of mortgages:
- First-time buyer mortgages
- Mortgages for homemovers
- Remortgages
- Buy-to-let mortgages
- Later-life lending products
Fixed-rate mortgages with introductory rates periods of up to 10 years are available for residential borrowers, along with a range of trackers and other variable rate products.
Lloyds also offers exclusive deals for existing customers, including those who bank with them but don’t have a mortgage. For example, those with a ‘Club Lloyds’ current account can take advantage of a discount on their initial interest rate if they take out a mortgage.
What type of buy-to-let mortgages do Lloyds offer?
Lloyds’ buy-to-let mortgages are offered either through Halifax or BM Solutions, with the latter being its specialist brand for this type of mortgage agreement.
A range of fixed-rate mortgages with initial rates periods of 2-5 years are currently available through these lenders, along with specific products aimed at landlords who are remortgaging, looking for a let-to-buy arrangement, or raising capital for eco improvements.
What rates are currently available?
At the time of writing (April 2024), the lowest mortgage interest rates available from Lloyds Bank are through Halifax. Mortgage and remortgage deals with rates ranging between 4% and 5.5% are now available, but the exact deal you will qualify for with depend on several factors including:
- The loan-to-value (LTV) ratio
- Your credit history
- The type of mortgage you are applying for
The lowest rates are often reserved for customers who can put down higher deposits and have clean credit, while mortgage products with an upfront fee typically have a lower rate than ones without. Lloyds does, however, have products for most circumstances.
You can compare rates and deals from Lloyds Bank with their competitors from across the market for free on Teito below:
Compare Lloyds Bank mortgage rates for free or speak to a broker about their latest deals
How much could you borrow through Lloyds Bank?
If you were to apply for a residential mortgage through Lloyds-owned Halifax, the maximum you could borrow would be between 4.49 and 5.5 times your annual salary. The exact income multiple they will use will depend on the LTV and product type.
For buy-to-let mortgages, maximum borrowing across Lloyds-owned lenders is tied to the property’s projected rental potential. Landlords who can evidence an interest cover ratio of 125-145% will be considered for a buy-to-let mortgage from Halifax or BM Solutions, provided they can also pass a stress test and meet the lender’s eligibility requirements.
What kind of reviews does Lloyds Bank have from its mortgages?
Lloyds Bank has a current rating of 1.7/5 on TrustPilot, but these reviews are from customers for all of its products and services, not just mortgages. Average reviews for its mortgage services have fared better, with users on Smart Money People rating them 3.24/5.
In a survey of the mortgage market, consumer body Which? ranked Lloyds in 10th out of 22 lenders, assessing them on customer service and the competitiveness of their products.
Compare mortgage rates and deals from Lloyds Bank today
You can compare rates and deals from Lloyds Bank’s mortgage brands for free on Teito, choose one you like in real time and access support from one of our mortgage advisors, if you need a little hope finding the ideal mortgage for your needs and circumstances.
Follow the steps below to start comparing rates and deals today:
Get started here: Then select whether you are looking for a mortgage to buy a property, rent it out or a remortgage.
Specify the purpose of the property: You can compare mortgages for residential or buy-to-let purposes, as well as remortgages.
Choose your own mortgage: Finally, tell us what stage you are at in the process and you can compare rates from across the market and choose the deal you want.
After you have selected a mortgage deal, one of our mortgage brokers will check over your application before securing an agreement in principle for you. They will be on hand to offer bespoke advice, make sure you’re getting the best deal, and oversee your application.
FAQs
Yes. Lloyds Banking Group lenders such as Halifax offer mortgages to borrowers who are applying through various government schemes, including Shared Ownership, Right to Buy, the Mortgage Guarantee Scheme, and the First Home scheme.