Lenders fix home loan rates lower

LLOYDS Bank has shaved 0.25 per cent off its mortgage rate for new and existing borrowers and launched four new fixed-rate products. The new standard rate will be 7.74 per cent, while fixed rates range from 6.25 per cent for two years to 9.25 per cent for 25 years.

Abbey National is also launching a new range of fixed-rate mortgages. First-time buyers with a 10 per cent deposit are being offered a fixed 6.59 per cent loan until 30 April 1997.

Northern Rock is tempting first-timers with a 4.99 per cent fixed-rate loan, pegged until 1 January 1996. It is available for mortgages up to pounds 100,000, for 95 per cent loan to value.