Lloyds TSB launches 2012 mortgage deal

Lloyds TSB is launching a new mortgage offer, tied to its sponsorship of the London 2012 Olympic and Paralympic Games.

The “2012 three-year mortgage” will include a 100 discount on the mortgage product fee, which will instead be donated to the British Olympic Association and the British Paralympic Association.

It is the first offer launched by the bank related to its sponsorship of London 2012, and will be marketed in both Lloyds TSB and Cheltenham and Gloucester branches. Rainey Kelly Campbell Roafe/ Y&R will create promotional material for the offer.

Stephen Noakes, marketing director at Lloyds TSB Mortgages, says: “This deal allows homeowners to use their essential mortgage spending to make a financial contribution towards the future success of our athletes, at no extra cost to themselves.

“The discounted fee and market leading rates means this is one of the most competitive three-year fixed rate mortgages available.”

Lloyds TSB became the first sponsor of the London Olympics in a deal worth an estimated 80m in March 2007 as official banking and insurance partner.

Other official partners include Adidas, BP, BT, EDF Energy and British Airways.

The banking group has previously looked to extend its sponsorship of the 2012 Games to brands in the Halifax and Bank of Scotland Group (HBOS), following the creation of the Lloyds Banking Group late last year, though it is unclear if this will still go ahead.

On Tuesday (February 10), former bosses of HBOS told the Treasury Committee they had made mistakes with their handling of the recession. Lord Stevenson, former chairman of HBOS, said the bank had failed to predict the credit crunch, which effectively froze access to new funds.