Lend a Hand Mortgage

Saving a deposit for your first home isn’t always easy. We’re always here to help you find the right mortgage. But did you know your family can now help you get onto the property ladder.

Lend a Hand mortgage video
  • No borrower deposit required - Instead, a family member can put down 10% of the purchase price of your home into a 3 year fixed term savings account.
  • It’s your home - Only you will be named on the mortgage and only you will have legal rights over the property.
  • Your payments will stay the same for the first 3 years - That’s because your mortgage will be on a fixed interest rate for 3 years, making it easy to budget each month.
  • The savings will earn interest - When the 3 year term ends, your family member will get their savings back with interest, as long as your mortgage repayments have all been made.

You could lose your home if you don’t keep up your mortgage repayments

Step 1: the savings

Your family member puts the 10% of the purchase price into a Lloyds Savings account.

Once the money is in the Lend a Hand Fixed Savings Account, it legally can’t be taken out for 3 years.

Step 2: the mortgage

The money in the savings account acts as security for your mortgage.

Your mortgage interest rate will be fixed for 3 years, so your monthly payments will stay the same over that time.

Step 3: after 3 years

At the end of the 3 years your family member will be able to take their money out, plus interest. If you've missed any payments they could get back less than deposited or we could keep the savings for longer.

We'll also contact you with details of the mortgage options available.

  • You've saved your nestegg, 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, and 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 your savings are being held as security against the mortgage, they will be locked away in a Lend a Hand Fixed Savings Account.

    Lend a Hand fixed savings account

    Financial 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.

    FSCS logo 

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 0.20% discount off your rate*
  • We'll pay your standard valuation fee

Keep in mind;

  • You should think about the impact 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 Current 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.
  • The Lend a Hand Mortgage can’t be used for interest only mortgages, New Build, Right to Buy, shared equity, or shared ownership. 
  • The Club Lloyds offer can be changed or withdrawn at any time.

*The £3 per month Club Lloyds fee applies unless £2,000 paid in each month.

How to apply

You can apply for a Lend a Hand Mortgage by calling us on 0345 122 1512. We’re open Monday to Friday 8am to 8pm and Saturday 9am to 4pm. We’re closed Sundays and Bank Holidays.

Or, find out about booking a branch appointment.

It isn’t currently possible to complete an online Agreement in Principle
(AIP) for Lend a Hand mortgages.

Not sure if this is the right mortgage for you?

Take a look at our other mortgages for first time buyers.

First time buyers