Lloyds TSB Lend a Hand
Lloyds TSB Lend a Hand is a flexible option to categorize and chalk out individual financial plans with as low as 5% cash deposit. You only need someone who can stand beside you with his or her savings as additional security for the mortgage to help you ride the financial ladder.
What are the clauses of the helping hand?
Your helper must possess 20% of the property value as savings. Your deposit amount and savings amount of your helper must match 25% of the property value. It should be noted that they are still eligible to earn interest on their savings and you qualify automatically from lower mortgage rates.
What are the features and benefits of your mortgage?
Your mortgage rate is usually fixed for the period of 3 months so that you are well equipped to predict your financial goals and payment modules. You will only need a modest 5% of the property value as cash deposit. You will also need someone who is eager to have their savings as your additional security deposit for the mortgage. You can very well borrow from an amount of £5,000 to £350,000.One should however note that for new build properties, 20% of the property value is needed. If you possess a Lloyds TSB current account and is in a position to pay £100 monthly in your account you can avail off the best mortgage deals from Lloyds.
What are the features of the savings?
A maximum number of two people who are expected to be your parents can be allocated as helpers. They usually open a Lend a Hand savings account and deposit 20% of the property value to the account. Your designated helper will accrue 3.75% AER per Gross for the period of forty-two months or 3½ years and the interest will be paid on the requisite minimum balance of ₤2000.