Lloyds TSB extends help to first-time buyers and homemovers

Lloyds TSB is to launch a brand new range of shared equity and shared ownership mortgages, reaffirming its support for affordable housing schemes. The brand new range of mortgages has been designed specifically for buyers wishing to buy their home through a shared equity or shared ownership scheme, and importantly will provide a further option for first-time buyers looking to take their first step on the property ladder.

The two-year fixed rate mortgages, available in all Lloyds TSB branches from Tuesday 23October, will be open to first-time buyers, as well as homemovers and those wishing to remortgage.  Rates start from 3.79% and products are available on all LTVs up to 90%.

Stephen Noakes, Director of Mortgages, at Lloyds TSB, said: "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 home ownership."

In July this year, Lloyds Banking Group unveiled the UK's largest commitment to first-time buyer lending by confirming it will lend £5 billion to first-time homeowners by the end of 2012. The pledge will help over 50,000 people buy their first home by the end of 2012.

In addition to launching this new range, Lloyds TSB is also cutting rates on a number of mortgages from Tuesday 23 October, including:

Rates reduced on two-year fixed rate mortgages for homemovers and first-time buyers up to 75% LTV

Rates reduced on selected two year fixed and trackers for homemovers and first-time buyers above 75% LTV

Rates reduced on selected two and three year fixed and two year tracker for remortgages.

For more information, visit lloydstsb.co.uk.