If you’re looking to buy your first home and think its tricky to get a mortgage then take a look at the lloydstsb.com/lendahand mortgage deal.
Lloyds TSB think that it should be easier to buy your first home and have introduced their Lend A Hand Mortgage (lloydstsb.com/lendahand) where you only need a 5pct cash deposit and the financial backing of your family who want to give you some help onto the first rung of the property ladder.
The family part of the lloydstsb.com/lendahand deal means that they can use their savings of up to 20pct of the property value as additional security for your mortgage and they’ll still be getting interest on their money. The combined deposit and savings must equal 25pct of the property value and gives you access to the loser mortgage rates that you wouldn’t be able to get with a 5pct deposit.
The mortgage rate of the lloydstsb.com/lendahand deal is fixed for the first three years and the overall cost for comparison is 4.2pct APR (as at 14th June 2013) For the full details of the Lend A HAnd mortgage visit lloydstsb.com/lendahand