8 Jul

Homebuyers 'given helping hand with mortgage initiative'

Homebuyers 'given helping hand with mortgage initiative'

People looking to climb the property ladder may find it easier to do so with the extension of Lloyds TSB's Lend a Hand initiative.

The scheme was extended from yesterday (July 7th) after becoming popular among first-time buyers looking to purchase property with a small deposit.

It now allows homeowners as well as first-time buyers to take out a mortgage on houses for sale with a deposit of five per cent while the rest of their funds are supported by a family member or close friend.

Commercial director of mortgages at Lloyds TSB Stephen Noakes said: "It's not always easy to pull together a big deposit in today's market, but this product can make the move to a new home not only more achievable, but more affordable."

While lower deposit properties usually require homebuyers taking out a high mortgage repayment rate, the scheme enables customers to achieve a competitive rate on their loan at 4.79 per cent.

Mortgage adviser John Charcol's Ray Boulger recently said that the current surge in high loan-to-value mortgages has made it easier for first-time buyers to purchase their first home.

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