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Lloyds Bank announces Help to Buy mortgage product


Lloyds bank has today announced that it is to become the latest mortgage provider to offer a product that allows prospective home owners to take advantage of the government led Help to Buy initiative. The banking group will therefore be allowing homebuyers the opportunity to apply for a mortgage with a 5% deposit as of Friday 3 January.

The help to buy scheme, set up by the government offers consumers the opportunity to buy a property with a deposit as little as 5% by offering the lender a guarantee of up to 20% of the mortgage value.

The product will therefore allow prospective home owners with a Lloyds Bank current account to apply for a mortgage with a maximum loan to value of 95%, with the government guaranteeing 20% of the loans value. Key features from the plan include a two year fixed rate of 5.19% and an up front fee of £995.

Marc Page, Lloyds Bank Mortgages Director, spoke about the product launch, commenting that the announcement “launches our participation in the Help to Buy scheme and allows us to make mortgages more accessible for more people”.

“The scheme has so far been successful in helping people onto the ladder, and it has also given existing home owners more options, allowing them to move forward and take the next steps to their second and third properties.”

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