A very interesting product was released today by Lloyds Tsb which shows two things. Firstly it has renewed my faith that lenders can still be innovative when the put their minds to it, and secondly that arguably this is a step towards lenders actively encouraging first time buyers back into the Market perhaps believing that house prices will begin to recover soon.
While there are a few conditions to this new mortgage product, they are far outweighed by the positives. 4.39% fixed for three years at 95% LTV is an exceptional rate and, presuming parents still have some spare cash floating around, will be a major fillip for certain first time buyers and therefore the market as a whole.
Andrew Montlake, Communications Director at Coreco and ‘Mortgage Personality of the Year 2008’, gives his views — honest and no holds barred — on the latest developments within the mortgage and property markets.
