The product is available to first-time buyers, house purchasers and remortgagers whose loan to value is 75% or below, said the company.
Homebuyers will also benefit from the free Lloyds TSB Home Harmony service, which provides access to a dedicated telephone helpline and website with details of trusted local services and tradespeople including plumbers, drycleaners and babysitters, who are all on hand to help them settle into their new home.
Lloyds TSB commercial director of mortgages Stephen Noakes said this product has been designed to give customers choice. For some borrowers having low up front costs is a priority, but with increasing commentary about potential interest rate rises over the coming year, many borrowers will be looking for the security of lower monthly payments for the next three years which this product provides.
