Lloyds TSB Lend A Hand mortgage 'well worthwhile'

Date:Friday 9th July 2010
Author: Susanna Kavka

A Moneynet.co.uk representative has claimed that the newly-expanded Lloyds TSB Lend A Hand mortgage is well worth making the effort for.

Andrew Hagger explained that the deal allows people with a five per cent deposit to secure lower interest rates by signing up a family member to pay off 25 per cent of the property price.

He noted that people can get sign up for a Lloyds TSB Lend A Hand mortgage at 4.79 per cent interest if they hold their current account with the firm.

Mr Hagger confirmed that it is well worth switching bank accounts to get this discount, since otherwise individuals will be charged 4.99 per cent interest.

"Many parents will do all they can to help their children establish a sound footing on the housing ladder and the terms of the 'Lend a Hand' scheme are likely to prove popular," he remarked.

After announcing that the deal will be available for home movers as well as first-time buyers recently, Lloyds TSB commercial director of mortgages Stephen Noakes suggested it could make moving house more affordable.