The bank has reduced one product to 3.59% with a £495 fee and another to 3.99% with no fee, both for Club Lloyds customers.
Previously the rates stood at 4.34% and 4.74% respectively.
Andy Hulme, mortgages director at Lloyds Bank, said: “This latest set of rate reductions will provide further support to those people buying houses with smaller deposits, helping to make their repayments more affordable each month.”
Any customer with a Club Lloyds current account can receive a rate reduction of 0.20%.
Lloyds is currently running an offer giving mortgage customers a 16GB iPad mini 4G, a 6GB data card and six months of technical support.