Lloyds TSB Airmiles Mortgage

Sean Gardner, founder of MoneyExpert.com, said:

"At first glance you could be forgiven for thinking Lloyds TSB had just launched a mortgage laden with gimmicks. The product is called the "Airmiles Mortgage" and they openly suggest a family of four could benefit from a dolphin watching session or at a trip to Legoland once the three-year period on the mortgage has expired."

"But this is a genuinely good deal and the rewards on offer are nice and simple to redeem. 7,800 airmiles is worth plenty and should not be ignored in the final reckoning if you’re choosing a mortgage."

"Of course, nobody would advise that you selected your mortgage provider based on how many flights to Rome, cases of wine or free haircuts you’ll get. But with a rate of 5.89 per cent over three years the Airmiles mortgage is amongst the most competitive. The market average for three-year fixed rate deals of this type is 6.44 per cent."

"And anything that eases the financial pressures on homeowners is to be welcomed. Lloyds TSB has included an option of paying no upfront application fees if you’re short of cash, which at least gives you a range of options if you’re thinking of applying."

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