Lloyds launches 95% FTB govt-backed mortgage

First-time buyers will be able to buy on the open market, as long as the property is in an approved postcode, and authorities will offer up to 20% of the property value. The loan is a cash backed indemnity which the local authority passes across to Lloyds in return for an agreed interest rate. The product is similar to the current 'Lend a Hand' scheme, which allows first-time buyers to own the whole property and pay a lower mortgage rate, equivalent to the rates paid for a 75% Loan to Value. Lloyds is willing to lend mortgages worth between £25,000 - £350,000 but local authorities ...