Lloyds have reduced rates from 4.89% to 3.89%, available on further advances between £10,000 and £2 million.
Halifax's two-year fixed rate further advance products have been reduced by 1%, with rates from 3.89% (no fee), while the further advance product loan amount has increased from £50,000 to £2 million.
Craig McKinlay, Mortgages Director at Halifax, said:
“The increase in the maximum loan amount and significant reduction in rates in our further advance product range provides our customers with a great way to make repairs or improvements to their current property.”
Andy Hulme, Mortgages Director at Lloyds Bank, said:
"These new further advance rates are a great option for those looking to borrow more money against their property. As we enter the DIY season, people will be looking to update their property with new kitchens, bathrooms, and even larger scale home improvements. These new rates will help make borrowing for these improvements more affordable.”
