8
Jul
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.
