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  • First Time Buyer

    Lloyds to offer FTBs 100 per cent mortgages

    First-time buyers will be offered 100 per cent mortgages by the UK’s biggest lender as the latest deposit-free home loan hits the market.

    Lloyds Bank’s Lend a Hand mortgage allows first-time buyers in England and Wales to buy a home costing up to £500,000 without a deposit.

    The new loan covers between 95 and 100 per cent of the purchase price of a first home. However, buyers will need a family member with substantial savings to stump up 10 per cent of the property price as security in order to access the 100 per cent mortgage.

    This money will go into a three-year fixed-term savings account earning 2.5 per cent interest, which will be repaid at the end of the term but cannot be accessed before that. If the buyer misses any mortgage payments these will be deducted from the savings.

    Full/source article 

    Reprise of our video about finding the right mortgage:


    Don't forget to sign up for Kate Faulkner's free FTB eBook:

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    Not exactly a 100% loan as parents need to deposit cash at bank for the "deposit" - so you need wealthy parents - who presumably would only get involved if they are pretty sure that default would be unlikely.

    Mortgage survey will probably be down valuing from asking price in many cases - as well as MMR strict affordability criteria being involved at application stage - that being harder to satisfy on a 100% loan.

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    And the hands on the "Crash Clock" have moved to 11:50, at midnight all falls down.

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