Rock will write to borrowers who meet certain credit criteria, inviting them to apply for a Lloyds TSB fixed-rate products.
Customers who meet Lloyds TSB’s criteria will be offered access to its full range of two, three and five-year fixed-rate mortgages. Rates on these are currently 5.99 per cent, 6.09 per cent and 6.14 per cent. All have an arrangement fee of £995.
Borrowers can seek to stay with Rock or look for an alternative in the market. Executive chairman Ron Sandler says: “We have already reported solid progress against our business plan, including meeting our planned target for mortgage redemptions, as we continue to repay the Bank of England facility.
“This new agreement with Lloyds TSB improves our ability to manage our mortgage redemptions. It gives some of our customers an additional option to consider when seeking to transfer to another lender and under this arrangement they will be able to do so in a smooth and simple manner.”
Syndaxi Chartered Financial Planners managing director Robert Reid says: “Anything that gives people options is positive but borrowers should always shop around for the best deal.”