Lloyds TSB: Parents can Lend a Hand with mortgages

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Lloyds TSB: Parents can Lend a Hand with mortgages

Mon 26th Oct 2009

Parents who are in a position to help their offspring to get onto the property ladder should take advantage of the current market situation, according to one industry expert.

Commercial director of mortgages at Lloyds TSB Stephen Noakes explained: "The current housing market presents a real opportunity for first-time buyers, as long as they are ready to buy with a deposit."

Research carried out by Lloyds TSB found that 70 per cent of people with grown-up children thought that current property market conditions presented an ideal time for their kids to purchase their first homes.

Some 23 per cent of these parents said they hoped to use their savings - on average £41,000 - to help their children achieve this goal.

Lloyds TSB's offset and Lend a Hand mortgage are designed with this aim in mind and it advises parents to look at the different mortgage options on the market for first-time buyers.

Earlier this month, Stuart Law, chief executive of Assetz, predicted the property market could have fully recovered within 18 months.

Figures from the Council of Mortgage Lenders indicated mortgage lending was 18 per cent up in Q3 compared to Q2 of this year.

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