LLoyds launch a new 95% First Time Buyer Mortgage
LLoyds will offer a 95% Mortgage to first time buyers in the near future. This first time buyer mortgage product will be available as of mid April, however, it is not as easily attainable as many would hope.
Firstly it will only be available in 5 areas where the local councils have agreed to provide a helping hand. The first time buyer will be required to put down a 5% deposit alongside the local council assisting with a loan of up to 20%. The lack of lending to first time buyers has been one of the major factors inhibiting the sale of low value properties and has unfortunately left many struggling with the sale of their house. At first glance the news that LLoyds are providing a 95% mortgage may give the impression that lenders a starting to open their doors. In reality this product is limited to very few areas and will unfortunately little effect on the overall UK picture.
If you are looking to sell your home quick then you may have to wait a long time until the banks realistically open their doors. Many choose to sell their home on-line and are surprised with the generous Offer we can make.
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