LOW DEPOSIT HOME LOANS FROM HBOS
Lloyds Bank, Halifax and Bank of Scotland have introduced new home mover house purchase mortgages for borrowers with deposits as low as 10 per cent.
The deals will broaden out the banks’ low deposit offering beyond only first-time buyers, to existing homeowners looking to move.
New build properties are excluded from the deals and they cannot be used alongside other house purchase schemes.
Loans of up to £500,000 can be applied for but home movers can only borrow up to 4.49 times of their income as part of affordability tests.