Lloyds Bank Mortgages

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Last updated on 16 February 2022.

Lloyds Bank is one of the UK’s oldest banks, which offers a range of mortgage products to meet a wide range of people.

Below, we answer some of the most common questions consumers have about the mortgages that Lloyds Bank provides.

Lloyds Bank Mortgage Rates

The mortgage rates Lloyds Bank offers vary, depending on the type of mortgage, your financial situation, as well as changes in the economy.

Currently, Lloyds Bank offers the following mortgage types:

  • Fixed rate – Your monthly payments will be fixed for the full term of your agreement.
  • Variable rate – Your monthly payments may change from month to month.
  • Tracker – A specific type of variable rate mortgage where your monthly payments may change from month to month, with the rate set to track the Bank of England base rate.

Whichever mortgage you choose, it is important to make sure you consider how it may affect your finances now and in the future.

Lloyds Bank Mortgage Products

Lloyds Bank offers a number of types of mortgages, aimed at those looking to buy their first home, those planning to climb the housing ladder, those wishing to buy properties to let for rental income, as well as those looking to borrow additional sums for financing other spending, such as home improvements.

Listed below are examples of mortgage types available from Lloyds:

  • first-time buyer
  • home mover
  • buy to let
  • equity release
  • remortgaging

Lloyds Bank Mortgage Application Process

The Lloyds mortgage application process is similar to those with other lenders. Below is a brief, step-by-step guide to the stages you can expect to see:

  • Agreement in Principle – This allows you to learn how much you can borrow from Lloyds Bank.
  • Choose a property – You can search within your price range now that you know how much you can borrow.
  • Arrange a mortgage interview – do this as soon as your offer on a property has been accepted.
  • Your mortgage adviser will arrange a credit check to confirm that you can afford the loan and will discuss the options for a home valuation.
  • Once your mortgage application has been accepted, the next step is to hire a solicitor or licensed conveyancer to oversee the conveyancing process until the property transaction is completed.

Lloyds Bank Mortgage Customer Service

Like other lenders, Lloyds Bank offers extensive customer support for those looking to apply for a mortgage.

You can call Lloyds Bank on 0800 783 3534 to speak to a mortgage expert, with lines open Monday to Friday between 8am and 8pm and Saturdays between 9am and 4pm. Lines are closed on Sundays and Bank Holidays.

Alternatively, Lloyds Bank encourages customers to arrange a virtual appointment in line with government coronavirus guidance, allowing you to have a telephone or video call with a mortgage adviser from your local branch at an agreed time.

Lloyds Bank Mortgage FAQs

Who is Lloyds Bank?

Lloyds Bank is one of the oldest banks in the UK, with its origins dating back to 1765.

Part of the larger Lloyds Banking Group, it offers a range of mortgages to suit borrowers in a variety of situations.

How does a Lloyds Bank mortgage work?

Depending on the mortgage you choose from Lloyds Bank, some aspects may differ but mortgages typically involve monthly repayment with interest to be paid.

There will also be differences that depend on the type of mortgage you are applying for. For example, a first-time buyer will need to put down a deposit, whereas an existing homeowner moving home may be able to put down the equity they have in their current home into a new one.

A mortgage is one of the most important financial commitments you can make, and you can expect to be paying it back over a number of years, during the course of the mortgage’s term.

What is Lloyds Bank’s mortgage eligibility criteria?

The eligibility criteria for a Lloyds mortgage will depend on the mortgage you are applying for, For example, it may include the following on a typical residential mortgage:

  • You must be at least 18 and the mortgage must usually end before you reach 80.
  • You must be a UK resident or have full rights to reside in the UK.
  • You must earn enough money each month to cover the repayments, so you will need to provide details of your salary – payslips or a P60 form to show how much you earn and pay in tax, for example.
  • You will need to give details of monthly outgoings, such as credit card debts, phone contracts and car finance.

Different mortgage types may have varying requirements, so it’s worth checking terms on Lloyds Bank’s website before you apply.

NerdWallet can help you compare deals from a range of providers. Check out our mortgage comparison tool to help you find a suitable deal to meet your requirements.

Does Lloyds Bank have a mortgage app?

Yes. Lloyds Bank has a free-to-download smartphone app available via the App Store and Google Play.

The app allows you to track your mortgage digitally, amend information, make payments, or contact Lloyds Bank directly.

Does Lloyds Bank offer mortgage holidays?

Yes. Lloyds Bank allows customers to apply for a mortgage holiday (pending certain criteria being met), which may allow them to take an effective break from paying part or all of their monthly mortgage payment.

Conditions you’ll need to meet to qualify for a mortgage holiday include:

  • You must have had your Lloyds Bank mortgage for more than 12 months.
  • The property you are seeking a payment holiday for is your primary residence.
  • The amount you owe on the property is less than 75% of its value.

There are other criteria to be aware of, so it is worth checking the Lloyds Bank official website before you apply. If you have a mortgage already with Lloyds, it will likely have provided information in your terms and conditions that you can refer to.

Can you overpay on a Lloyds Bank mortgage?

Yes. Some mortgages arranged through Lloyds Bank may entitle you to overpay on your mortgage.

This might be via a lump sum or monthly overpayments. Overpaying might help reduce the amount of interest you pay overall.

Check your mortgage offer to ensure you don’t breach overpayment limits, as charges may apply.

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