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First-time home buyers get huge boost with Lloyds Bank’s first 100% mortgage
The Sun

FIRST-time home buyers will get a huge boost today — with Lloyds Bank’s first 100 per cent mortgage targeted at them. The bank will let them borrow enough cash to buy without a deposit. The Lend A Hand mortgage allows another family member to put up ten per cent of the loan as “security”. That... Read the full story

 

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5 hours ago, 2rocketman said:

First-time home buyers get huge boost with Lloyds Bank’s first 100% mortgage
The Sun

FIRST-time home buyers will get a huge boost today — with Lloyds Bank’s first 100 per cent mortgage targeted at them. The bank will let them borrow enough cash to buy without a deposit. The Lend A Hand mortgage allows another family member to put up ten per cent of the loan as “security”. That... Read the full story

 

The clause I couldn't quite find is how the bank takes the security loan if house prices drop. 

This whole scheme is known as " offloading btl:  a guide for evil  step parents". That's it's market.

Its only purpose is to help step parents get top dollar from its btl off their own relatives

(Any kind parent would gift the 10% and get a normal mortgage) 

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Hmmm I’m a FTB with significant deposit that I would love to get 2.5% on. I have a debt addicted BTLer boomer father who would love access to more credit - the perfect product for the topsy turvey world we live in!

Edited by LetsBuild

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12 minutes ago, LetsBuild said:

Hmmm I’m a FTB with significant deposit that I would love to get 2.5% on. I have a debt addicted BTLer boomer father who would love access to more credit - the perfect product for the topsy turvey **  world we live in!

** corrupt

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3 minutes ago, aheadofthecurve said:

I wonder if we'll see Nationwide's 125% mortgage product hit the market again.

..is 'market' the right word?

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11 hours ago, 2rocketman said:

First-time home buyers get huge boost with Lloyds Bank’s first 100% mortgage
The Sun

We will still have the same old inadequate housing stock...same restricted supply.  Nobody is better housed because Lloyds' loosen credit rules.  More credit simply means some idiot or desperado will take Lloyds' offer in order to win the bidding.  Forcing prices higher than they would have been without Lloyds' scheme.  Nobody is better housed than they would have otherwise been but they have paid more and taken out more debt for what they would have had otherwise for less.

Huge boost? - Yes to debt levels.  

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What happens at the end of the first term if the house is valued less than the purchase price or if Lloyds stop offering this option?

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  • 293 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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