Lloyds Bank launches £5,000 deposit mortgage for first-time buyers

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Lloyds Bank launches £5,000 deposit mortgage for first-time buyers.

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Lloyds is launching a new mortgage that requires just a £5,000 deposit, in a bid to help first‑time buyers who can afford monthly payments but cannot save the large lump sums typically needed to get on the property ladder.The product, available from May 18 through Lloyds, Halifax and UK mortgage brokers, is aimed at renters already paying mortgage‑sized monthly costs but who lack family support or access to gifted deposits.Lloyds said it is designed for buyers who have shown strong money management and consistent bill payments.Under the deal, borrowers can purchase homes worth up to £300,000, with a loan‑to‑value ratio just above 98 per cent.

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TRENDING Stories Videos Your Say Applicants can borrow up to 4.5 times their annual salary, with a five‑year fixed rate of 5.89 per cent and no product fee.

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Repayments can be spread over a maximum 40‑year term, and the mortgage is open to both employed and self‑employed buyers.Lloyds said all applicants will still need to pass affordability and...

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