In the run up to Brexit many are anxious about getting on the property ladder, and now Lloyds Bank is offering a mortgage to buyers with no deposit.
Whats is the sting?
Mortgage from a well-known UK bank (Lloyds) could help first-time buyers on to the property ladder.
However, this is on the condition that a family member agrees to deposit savings equivalent to a minimum of 10% of the mortgage into a fixed-rate savings account with the bank.
The fixed-rate term for the relative’s money is 2.5 per cent for three years, and the money cannot be removed in this period. The relative will not need to give away any money, simply move it to another account.
The mortgage rate that Lloyds have stated will be 2.99 per cent for three years and borrowers can borrow up to £500,000.