Lloyds is the UK's biggest mortgage lender. About one in 7 homeowners get their mortgage with the bank, and, according to the latest stats from UK Finance, Lloyds lent over £40 billion in 2018.
That huge sum is spread over lots of different types of mortgage deals from first time buyers to buy-to-let. However, as a mainstream lender, if you've had major credit issues in the past, you may find it hard to get a mortgage offer from Lloyds.
Currently, Lloyds are offering:
Lloyds does some low rates. In general mortgage rates are some of the lowest they've ever been. But 'low' doesn't always mean 'best'. Everything depends on your personal circumstances and what type of deal you want, and are eligible for.
You may want a low rate, but you may care about the true cost of the mortgage, or having extra flexibility in your payments.
However, it only takes a few minutes to see exactly what Lloyds can offer you with the Mojo Mortgage Matcher.
You can apply online, over the phone or at a Lloyds branch. Lloyds accept applications from anyone who is at least 18 or over and lives and works in the UK and is buying a property in the UK.
However, you can't apply online if:
We help people get mortgages with Lloyds every day.
We can save you a lot of time and stress by making sure you're getting the product you need and your application looks perfect. That includes double and triple checking your paperwork to make sure you don't hit any snags further down the line.
Of course, you can be sure you won't find a cheaper mortgage deal elsewhere too because we'll check the whole market for you.
We do all of that without taking any broker fee – saving you around £500
After submitting your mortgage application, like all lenders, Lloyds, will complete a property valuation and start underwriting. It normally takes up 2 weeks before you get your mortgage offer.
If you still want to apply direct with the Lloyds, you'll have to do 2 steps.
This gives you and Lloyds a good estimate of how much you can borrow. As they will credit check you, it'll also highlight any past credit problems. If you get declined for an Agreement in Principle it is usually related to your credit history.
Before you start, you'll need to know:
It takes around 15 minutes to fill in the online form and if you apply between 6am and 10pm Monday to Saturday, or 6am and 9pm Sunday you'll get an instant decision. Otherwise, Lloyds will let you know the following day.
Bear in mind, a Decision in Principle from Lloyds isn't a guarantee of a mortgage offer.
What is an Lloyds Agreement in Principle?
An Agreement in Principle, also called a Decision or a Mortgage in Principle, is an important first step in the mortgage application process. It's a document showing how much you could potentially borrow from Lloyds. You can use it to show estate agents and sales consultants you are a serious buyer.
Even if you just got it, once you've an Agreement in Principle, and have an offer accepted on a property, you can go ahead with a full mortgage application with Lloyds.
This involves making an appointment to speak to a Lloyds mortgage adviser to discuss your options and get their mortgage recommendation.
If you're happy with their recommendation, they'll order a valuation on your property and pass on your case to an underwriter.
Lloyds will also perform a hard credit check that will remain on your credit record at this point.
Lloyds offer up to 4.75 times your gross salary.
If you have a lot of fixed outgoings, or a higher LTV, your actual loan ceiling may be a bit lower.
Lloyds, like all other mainstream lenders, will treat your remortgage like a new mortgage application. This means you'll have to pass their affordability and eligibility criteria and do the paperwork.
However, Lloyds does offer the option to self serve online. This means that you can get a remortgage completely online, without having to speak to anyone about advice. Do this only if you are sure you know what you're doing! If in any doubt you could save thousands by quickly speaking to an adviser.
Of course in your research at least, you should always check any remortgage deal saves you the most money over the full length of the introductory period and term. You can do this very quickly using the Mojo's Mortgage Matcher.
Lloyds’ standard variable rate, or the redemption rate, was reduced from 2.75% to 2.25% in March when the Bank of England lowered the base rate.
you can get much lower interest rates than this on your mortgage, so it may be worth checking your remortgage options.
If you're already a Lloyds customer you remortgage with a product transfer.
Normally Lloyds will contact you as your existing deal is about to end. They'll offer you a selection of new mortgage deals and rates. These will be cheaper than the bank's SVR, so you will save money, and you won't need to do any more paperwork.
However, you could still get a cheaper deal from another lender.
Use Mojo to compare your Lloyds offer side by side against the best the rest of the market can offer. And if you still want to remortgage with Lloyds, we can do that for you too. It usually only takes a day to sort out.
Most Lloyds mortgages allow you to 'port' the terms of your current deal to a new house.
Your Illustration and offer letter will tell you if you can port.
Porting means you can avoid early repayment changes when moving house, but it may not always be the cheapest option. Our expert advisers can help you work out if you'll save more in the long term by remortgaging to a new deal.
How much are Lloyds early repayment charges?
You will pay an early repayment charge on any overpayment that exceeds this 10%.
The exact charge depends on your deal and how long is left on your introductory deal and how much you overpay by.
Lloyds advises you to check your mortgage illustration, mortgage offer or annual statement for details about your early repayment charge.
Mojo's expert advisers can help you work out your early repayment charges ahead of a full remortgage.
Lloyds has the following buy-to-let eligibility criteria:
You can get up to 5 buy-to-let mortgages or borrow up to £3 million with Lloyds Banking Group which also includes Halifax, Bank of Scotland, Birmingham Midshires, Scottish Widows Bank, Intelligent Finance and The Mortgage Business (TMB).
Can't get a new buy-to-let mortgage with Lloyds? We'll show you which lenders will lend to portfolio landlords - and who can give you the best deal.Get Started
If you're a first-time buyer, Lloyds do normally offer mortgages up to a 95% LTV, which means you need to save for a 5% deposit. As of June 2020, they are asking new applicants to have at least a 15% deposit.
This is while they clear the backlog of applications caused by the coronavirus pandemic.
Lloyds also accepted Help to Buy applications.
The best deal will depend on your circumstances and our expert advisers will help you find it. We'll help you apply too. Simply start entering a few basic details and we can go from there.
Lloyds has a range of Help to Buy mortgages available to you if you want to use a Help to Buy equity loan as part of your deposit.
Like most lenders, Lloyds wants you to complete your Help to Buy application before applying for your mortgage.
Normally 6 months for house purchase mortgages.
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