The "Lend a Hand" mortgage, was launched today, and is hoped to help first time buyers, who have been unable to find affordable mortgage deals since the onset of the credit crunch.
Available up to 95 per cent LTV, with a rate of 4.39 per cent fixed for three years. It is available on loans up to £350,000.
Relatives or friends are required to offset 20 per cent of the size of the mortgage loan in a linked savings account which pays a rate of 3.5 per cent for three and a half years.
We will see.......
Read more in the Times
Free property management software, Free tenancy agreements
That's an interesting mortgage deal. I wonder what would happen if the interest rate shoots up and the 10% threshold moves further and further away?
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