Lloyds 100% first-time buyer mortgage – Alastair Douglas comment

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.”

 

For more information, please contact James McCaffrey

About TotallyMoney

TotallyMoney has been championing fairer and better consumer credit since 2007 by helping customers make smart borrowing decisions. We won Best Free Credit Report Provider in the 2018 Moneynet Personal Finance Awards and since its launch in 2017 our Free Credit Report has already put more than one million customers in control of their credit data.