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Lloyds TSB to lend first-time buyers a hand

Wednesday, 16 March 2011 2:00 PM

A leading high street bank has launched a new mortgage concept that could allow first-time buyers to purchase their home with just a five per cent deposit.

In response to calls for more products to help boost the first-time buyer market, Lloyds TSB has introduced the Local Lend a Hand scheme.

The bank already offers a product called Lend a Hand, which enables house movers with only a small deposit to buy a property with the support of a 'helper' – usually their parents or family.

Under the new scheme, Lloyds TSB is inviting local authorities to take on the helper role, with pilot schemes set to begin in several parts of the UK, including Blackpool and Warrington.

Stephen Noakes, commercial director for mortgages at the lender, said: "We know that a lot of young people turn to the Bank of Mum and Dad to get their foot on the ladder, but that's not a solution for everyone.

"By developing Local Lend a Hand and working with local authorities across the UK, we're broadening the prospect of home ownership to even more first-time buyers."

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