Coronavirus (COVID-19) mortgages update
The current deadline for mortgage payment holiday applications, which allow homeowners to defer payments for up to six months, is 31 January 2021. You can find out more with the following articles:
- How to apply for a mortgage payment holiday
- What's happened to mortgages during COVID-19?
- How has the coronavirus affected house prices?
For the latest updates and advice, visit the Which? coronavirus information hub.
Lloyds Bank mortgage customer ratings
Lloyds Bank is part of Lloyds Banking Group, which also includes Halifax, Bank of Scotland and Scottish Widows.
The table below shows how Lloyds Bank performed in our latest mortgage satisfaction survey, from application process to value for money.
| Customer rating for: | Star rating |
|---|---|
| Customer service | |
| Application process | |
| Value for money | |
| Keeping you well informed | |
| Clarity of statements | |
| Transparency of charges | |
| Query and complaint handling | |
| Ability to overpay or underpay mortgage | |
| Online access | |
Star ratings based on a June/July 2020 Which? survey of 3625 members of the general public in which 196 people told us they had their mortgage with Lloyds Bank.
What kinds of mortgages does Lloyds Bank offer?
Many mortgage lenders have significantly cut their offerings this year due to the coronavirus outbreak.
When we checked in September 2020, there were 199 mortgages available from Lloyds. All were fixed-rate deals - meaning your interest rate will stay the same for a set initial period.
Lloyds' mortgages came with a initial period of either two, five or 10 years.
Does Lloyds Bank offer the best mortgage deals?
Our experts analysed hundreds of mortgages over a four-week period in July 2020. They compiled a total of 208 ‘top-10 cheapest deal’ tables based on a variety of borrowing scenarios, and counted how many times each lender featured in a table.
The average number of times a lender made it into a table was 16, but Lloyds only featured once - meaning that although it offers lots of mortgages, they rarely have the best rates. (Data source: Moneyfacts.)
Interest rates on Lloyds Bank mortgages
In September 2020, the average rate on a two-year fixed-rate mortgage from Lloyds was 2.13%, compared to the overall market average of 2.33%.
How much could I borrow from Lloyds Bank?
Lloyds will lend to first-time buyers and home movers at 65%, 75%, 80% and 85% loan-to-value. People remortgaging can borrow up to 95%.
Lloyds doesn't publish its borrowing caps and doesn't deal with mortgage brokers, so you'll need to speak to the lender directly about how much you might be able to borrow in relation to your annual salary.
Can I make overpayments?
Lloyds' deals allow you to overpay up to 10% of the mortgage balance each year.
How can I contact Lloyds Bank?
Lloyds Bank mortgages are only available directly, so you won't be able to access them through a mortgage broker.
Lloyds Bank can be contacted on 0800 783 3534.
Its website is lloydsbank.com.
