Today, 23rd October 2012, Lloyds TSB is launching a brand new range of mortgages aimed at those buying a property on a shared equity or shared ownership basis. The lender says it is "reaffirming its support of affordable housing schemes" with the launch of the new products, which are all on a two-year fixed-rate basis.
The range of schemes suits first-time buyers, movers and re-mortgagers and offers loan-to-value (LTV) of up to 90%. The first-time buyer deal comes fee-free, with a rate of 4.49% and a maximum LTV of 75%. The remainder of the range comes with a £999 arrangement fee.
Homemover rates vary from 3.79% to 6.49% for two years, with a maximum LTV range of 60% to 90% in four bands. For those remortgaging, the LTV range is 60% to 85% and rates vary from 3.89% to 5.49%.
Stephen Noakes, director of mortgages, at Lloyds TSB, says: "We are committed to making the housing market more accessible to first-time buyers. Shared equity and shared ownership schemes offer a secure and more affordable alternative to buying a home outright, and the schemes are an important part of the market for first-time buyers and homemovers. By adding these mortgages to our range we are hoping that we will be able to help more people realise their dream of homeownership."
Lloyds TSB also confirmed that in 2012, it aims to lend £5billion to first-time buyers, helping some 50,000 people buy their first home.