Lloyds TSB Lend A Hand 'could make moving more affordable'

Date:Thursday 8th July 2010
Author: Susanna Kavka

Homeowners could find a move to a new house is more affordable thanks to Lloyds TSB Lend A Hand, according to a representative from the firm.

Stephen Noakes, commercial director of mortgages at the organisation, explained that the service has previously been a success with first-time buyers, so it is great news that it is now available for individuals moving up the property ladder.

The Lloyds TSB Lend A Hand service allows people with a deposit of five per cent to access a mortgage by backing up their money with someone else's savings - such as a friend or family member.

Mr Noakes remarked: "It's not always easy to pull together a big deposit in today's market, but this product can make the move to a new home not only more achievable, but more affordable."

Last month, Lloyds TSB announced a new overdraft fee structure for its banking customers, with a charge-free £10 buffer zone being one of the new features.