Lloyds offers cash back on mortgages

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LLOYDS Bank has launched a “cash back” offer to tempt people who are remortgaging and first-time home buyers.

The bank, which recently dealt a blow to borrowers by imposing restrictions on its Help to Buy mortgages, is offering £1 000 (about R18 000) cash back on two-year fixed rate remortgages or up to £700 for first-time buyers.

Yet, as is often the case with such eye-catching deals, the rates are not the keenest on the market, on top of which you will need one of its current accounts to get the best deals.

The best rates Lloyds is offering both people remortgaging and first-time buyers with the cash back deal are a 2.24 percent two-year fixed rate for a 40 percent deposit, or 2.64 percent for a 25 percent deposit. Both have a £995 fee. – Daily Mail

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