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Lend a Hand mortgage
That first step onto the property ladder can seem hard to reach. Our Lend a Hand mortgage lets family members help first-time buyers get their own home faster, without having to gift a deposit.
How it works
No first-time buyer deposit needed.
Instead, a family member puts 10% of the purchase price of your home into a 3-year fixed term savings account as security.
The savings will earn interest.
When the 3-year term ends, your family member will get their savings back, with interest. That is, as long as your repayments are up to date.
It’s your home.
Only you have your name on the mortgage and have legal rights over the property.
Payments stay the same.
We'll fix the mortgage interest rate for 3 years, making it easier to budget each month.
You or your family member must have a Club Lloyds account before applying for a Lend a Hand mortgage.
Watch our short video to find out more about a Lloyds Lend a Hand mortgage (2 min 32 secs).
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You've saved your nest egg, so why use it as security?
- Help a family member to get their foot on the ladder. Buying a home isn’t as easy as it used to be. So, most first-time buyers could use a helping hand.
- Get your money back plus interest after 3 years. That’s as long as the buyer doesn’t miss any mortgage payments or their home is not repossessed.
- £300 cashback towards your legal fees. You’ll get this through the conveyancer when the mortgage completes.
While being held as security against the mortgage, we lock your savings in a Family Boost Fixed Savings Account.
Visit our FSCS pageFinancial Services Compensation Scheme
Eligible deposits held with us are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme.
It’s normal to have lots of questions about your mortgage. So what is it about Lend a Hand that makes it great for first-time buyers?
- You don’t need to save for a deposit. You can borrow between 95% and 100% of the purchase price of your home.
- It’s your home. While your family member helps you out with the deposit, your new home is all yours.
- Help when you need it. Our qualified mortgage advisers are ready to answer any questions by phone. Monday to Friday 8am to 8pm and Saturday 9am to 4pm.
- Exclusive rate discount with Club Lloyds. If you or your family member is a Club Lloyds customer, you could get a 0.15% discount off your rate*
- We'll pay your standard valuation fee
Keep in mind;
- You should think about the affect having a low or no deposit might have. It can mean that there is a higher risk of negative equity. You are in negative equity if you owe more on your mortgage than what your house is worth.
- You or your family member must have a Club Lloyds account before applying for a Lend a Hand mortgage.
- You can borrow up to maximum of £500,000 for your mortgage.
- You need to be a first-time buyer who’s living and buying a home in England or Wales.
- You can’t use the Lend a Hand mortgage for interest only mortgages, new build, right to buy, shared equity, or shared ownership.
- We can change or withdraw the Club Lloyds offer at any time.
*The £3 per month Club Lloyds fee applies unless £2,000 is paid in each month.
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