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Bank Extends Lend a Hand Mortgage

Wed, 07 Jul 2010

Lloyds TSB is extending its Lend a Hand mortgage in a move which could benefit first time buyers and homeowners. The mortgage deal entitles borrowers with a deposit of just 5 per cent to impressively low interest rates, providing a relative can invest a further 20 per cent with the bank in to a savings account . By taking a legal charge on the relative's savings, the bank is able to minimise its risk.

Whereas the lowest interest rate available for borrowers with a 10 per cent deposit is currently 5.99 per cent, the Lend a Hand offer gives borrowers a chance to secure a 4.79 per cent mortgage with an £895 fee. Meanwhile, their relative also enjoys a competitive 3.75 per cent AER gross interest rate. It is unsurprising, therefore, that his mortgage offer has proved hugely popular among first time buyers, and could now set to benefit first time movers.

Commercial director of mortgages at Lloyds TSB, Stephen Noakes, commented that the extension of the offer could benefit buyers who bought their first house at the peak, and may help them to move up the property ladder.
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