The Easy Step mortgage offers a lower rate for a minimum of the first three months of home ownership to help homebuyers cover their moving expenses which, for the average purchase of £155,000, can add up to at least £3,850.

Available in Lloyds TSB branches, rates start from 2.49%. A three-year fix at 75% LTV starts at 2.59% and climbs to 5.59% after the discounted period, and a three-year fix at 60% LTV starts at 2.49% and climbs to 5.49% after the discount ends.

Stephen Noakes, commercial director of mortgages at Lloyds Banking Group, said: “Upfront costs such as legal fees or Stamp Duty can discourage potential buyers from making that purchase. The low initial payments of the Easy Step mortgage give the option of some breathing space to get on top of these costs.

“We’re looking at different ways to encourage house purchase in order to stimulate the market. The Easy Step mortgage offers customers another choice in our homebuyer range.”