Lloyds TSB launches 'Easy Step' homebuyer mortgage

Lloyds TSB has launched a new mortgage, designed to help ease the financial pressure of buying a home.

The Easy Step mortgage offers a lower rate for a minimum of the first three months of home ownership to help homebuyers cover their moving expenses which, for the average purchase of £155,000, can add up to at least £3,850.

Stephen Noakes, commercial director of mortgages, Lloyds Banking Group said; "Upfront costs such as legal fees or stamp duty can discourage potential buyers from making that purchase. The low initial payments of the Easy Step mortgage give the option of some breathing space to get on top of these costs.

"As the UK's largest lender we're looking at different ways to encourage house purchase in order to stimulate the market. The Easy Step mortgage offers customers another choice in our homebuyer range."