Embargo 00.01 Monday 28 January 2019
Commenting on the new Lloyds Bank Lend a Hand mortgage that offers 100% loan to value with its first-time buyer family support mortgage, CEO of credit experts TotallyMoney, Alastair Douglas, said:
“Rising house prices have made it extremely difficult for people to save the deposit necessary to get on the property ladder, so it’s refreshing to see this sort of innovation from a major high-street bank.
“It’s a win-win situation for those involved. The borrower gets a genuine opportunity to buy their first home, while parents can make a decent return on the 10% deposit they stump up.
“With 50% of millennials saying saving a deposit is the biggest obstacle to buying a first home, a product like this could offer a sensible and working solution.
“Anyone considering buying a home should check their free credit report. This can help prepare them for the mortgage application process and ensure there are no further barriers.”