|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |    25th of February 2018
|   Banking  |   Insurance  |   Property  |   Mortgages  |   Economy  |   Investments  |   Credit Cards  |   Debt  |   Loans  |   Pensions  |   Companies  |  

Mortgage News feed Mortgage News

All Financial News feed All Financial News




Lloyds TSB lends a hand to first-time sellers

Bookmark and Share

by Gill Montia
”Lloyds

Lloyds TSB has extended a mortgage deal previously only available to first-time buyers, to home movers.

Sellers opting for the bank’s Lend a Hand loans can take out a mortgage with a deposit of just 5%, at a rate normally associated with a larger down-payment.

However, their funds have to be backed up with the savings of helper, such as a parent, grandparent or other family member.

According to the bank, no other major lender offers deals for new customers moving house unless they have a deposit of at least 10%, with the lowest rate currently available 5.99%.

With Lend a Hand Lloyds TSB current account holders qualify for a rate of 4.79% at 95% loan-to-value ratio and with a £895 fee, with the rate rising to 4.99% for non-current account holders.

At the same time, their helper benefits from a competitive savings rate (currently 3.75% AER gross), as a legal charge is taken over the savings to offset the lender’s risk.

Lloyds TSB commercial director, Stephen Noakes, says: “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.”

The lender has also announced the launch of a campaign on behalf of first-time sellers and will be taking a look at the challenges they face.

Discuss this in the Finance Markets forums

Story link: Lloyds TSB lends a hand to first-time sellers



News posted: July 8, 2010

Financial Services:





Related financial stories to: Lloyds TSB lends a hand to first-time sellers:
Previous: «
Next: »

Visited 5146 times, 1 so far today

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.

Tags: , ,