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Lloyd’s unveils 100% mortgages for FTBs
bambilegs
Posts: 68 Forumite
Thoughts on Lloyd’s unveiling 100% mortgages for FTBs? I’m a newbie so unfortunately can’t post the link
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Comments
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Lol yes they should be prosecuted under the Trade Descriptions Act!!!0
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Probably more mis-reporting as Lloyds do not market it as 100% mortgage - Lend A Hand mortgage - seems a good idea for the market but nervous of buying a property with high LTV %.
Good money maker for Lloyds as the interest rates seem more than other lenders for FTBers with the same gifted deposit amount.
I would rather gift the money to my child as after 3 years if I took the money out the child would have slightly more than zero equity in the property....could even be in negative equity if the property they bought was new or prices dropped only a few percent.0 -
I suppose the plus is that your contribution is protected in case your Childs relationship breaks down if a joint application. It's not part of the equityEx forum ambassador
Long term forum member0 -
Nothing new, Barclays have had a similar scheme for many years.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Almost the same
https://www.barclays.co.uk/mortgages/family-springboard-mortgage/
https://www.lloydsbank.com/mortgages/first-time-buyers/lend-a-hand.aspEx forum ambassador
Long term forum member0 -
I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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