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Is getting a 10% deposit from family still a 100% Loan? Lloyds Bank says yes...?

Looking at available 100% Home Loan products in the market, a very interesting development in the UK where Lloyds Bank’s new Lend a Hand Mortgage allows people to borrow up to £500,000 up to 100% LVR as part of their £30 billion commitment to assist first-time home buyers.

Like in Australia, Lloyd’s research notes saving for a deposit is cited by first-time buyers as the biggest hurdle to home ownership. Lloyds said the average deposit put down by first-time buyers in the UK has climbed to £33,211, and a staggering £110,182 in London.

One catch though – Lloyd’s requires the Bank of Mum and Dad to help out by requiring a family member to deposit a sum equal to 10% of the value of the property into a Lloyds savings account for a period of three years - Our GRANITE100 product does NOT have this requirement.

As a quick snapshot, the GRANITE100 offering doesn't require any deposit (yes transfer duty may still be payable - ask us), doesn't require Lender's Mortgage insurance like other loans over 80%, and we definitely don't require you to borrow money off mum and dad, or use their house as collateral.

This Lloyd’s Bank initiative follows on from UK Government shared equity initiatives in recent years to promote increased home ownership in the UK and is especially interesting in terms of timing given the UK property market is in such a state of flux with Brexit uncertainty.

If you'd like more information on our 100% Home Loan, contact us below, or check your elibility in our online questionnaire.

Read more about the Lloyd's product here:

About the author

Craig Mackenzie


Granite Home Loans was created by industry veterans to help professionals buy a home with No Deposit, No LMI and No help from mum or dad. Click below to take the next step.

Granite were with us every step of the way and enabled us to purchase our first (dream) home. We used their 100% loan (no deposit, no LMI) product. Very happy and would recommend them to legal professionals like us who want to buy their first home.

Mitchell K

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