New Lloyds TSB mortgage to help first-time buyers
Saturday 12th June 2010, 3:00PM BST.
Jason Lewis, of Lloyds TSB.
FAMILY members and friends can work together to help secure a mortgage as a result of a new product launched by Lloyds TSB.
Named the ‘lend a hand’ mortgage, it works by giving up to two family members or friends the opportunity to help with buying a property.
The helpers open a savings account with Lloyds TSB and put in a lump sum equivalent to about 20 per cent of the value of the property.
The account is then held as additional security for the mortgage by way of a security agreement.
The initial deposit or equity and the helper’s contribution must equal 25 per cent of the property’s value.
Read the full story in the Jersey Evening Post.
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