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New Lloyds TSB First Time Buyer Mortgage

Housing-Market / Mortgages Jun 12, 2009 - 02:42 AM GMT

By: MoneySupermarket


Commenting on the new Lloyds TSB First Time Buyer mortgage, Clare Francis, site editor at "This is a great product to help first time buyers get on the housing ladder - not only is the rate competitive, but it's really good to see some new activity in the high Loan To Value (LTV) market. It is another indication that funding pressures on lenders may, at last, be starting to ease.

"We need products like this to help kick start the housing market, as the absence of first time buyers has been one of the main factors blamed for the severity of the downturn. Obviously not all first time buyers who need a 95 per cent loan will be able to take up the offer, as it is dependent on parents having 20 per cent of the property's value in savings to set against the mortgage. However, it should still prove popular with many parents willing to help their children in this way.

"We now need other lenders to follow Lloyds' lead in order to bring an end to the impasse that has been strangling the housing market."


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12 Jun 09, 10:03
Lloyds TSB Mortgage False Adnertising

This is a glaring example of false advertising. You need to have access to a 25% deposit on most mortgage products on the market, you might as well borrow the 20% from parents ans get a better rate elsewhere. Lloyds is really stretching the boundaries of decent advertising with this product. If they really want to help first time buyers they should allow them to put down a 5% deposit only and charge a more realistic rate or stipulate that they will need to top up the equity by a fixed amount every year to continue to qualify for the special rate.

And on the subject of mortgages, if banks care at all about reviving the housing market they should be forced to honour the original LTV ratios that existing mortgage customers signed up to when they have to renew their mortgage products for the next three years. The government must be more proactive in this area. These banks got us into this mess, they should help us out of it!

Susan B
12 Jun 09, 10:56
LLoyds TSB mortgage

Ive been to their website and you appear to be right, this is a smoke and mirror mortgage that hides the true deposit, see copy below -

Lend a Hand

First-time buyers can get a mortgage and some of our better rates with just a 5% deposit.

With the Lend a Hand Mortgage, you only need a 5% cash deposit, plus the backing of someone who wants to help you onto the property ladder by putting their savings up as additional security for the mortgage.

Your Helper will need savings equal to 20% of the property value.

Your deposit of and the savings of your helper must equal 25% of the property value.

They still earn interest on their savings, but it means that you can benefit from the lower mortgage rates normally available to customers with a 25% deposit.


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