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. “Today’s announcement is another step in our efforts to help people get on the housing ladder,” chief executive Stuart Gulliver said.
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.