Lloyds has launched a 10% mortgage offer to first-time buyers, but only if their families can back the loan of up to £500,000 ($655,000). The deal marks a significant expansion into the first-time market by Lloyds. Under the deal, a family member would put 100% of the property’s value into a Lloyds savings account. The bank said it had made a £30bn commitment to first-time buyers and that its deal was also aimed at easing Brexit uncertainty. But the move was seen as reopening concern about a situation in which wealthier families could corner parts of the market.
Lloyds has launched a 100% mortgage offer to first-time buyers, but only if their families can back the loan of up to £500,000 ($655,000). The deal marks a significant expansion into the first-time market by Lloyds. Under the deal, a family member would put 10% of the property’s value into a Lloyds savings account. The bank said it had made a £30bn commitment to first-time buyers and that its deal was also aimed at easing Brexit uncertainty. But the move was seen as reopening concern about a situation in which wealthier families could corner parts of the market.