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Briefings

HBF Member Briefing: Lloyds Banking Group announces changes to terms of Help to Buy lending

Date: 30/07/14

Lloyds Banking Group announces changes to terms of Help to Buy lending

Lloyds Banking Group plc has today communicated a number of important changes to its product range, including a change to the terms offered on shared equity products (including the Help to Buy Equity Loan). As well as rate rise of 0.3% on products up to 80% LTV, the maximum loan size is to be reduced from £500,000 to £150,000.

The changes, outlined below, will take effect from tomorrow morning:

·         Shared equity/shared ownership (SE/SO) products (including Help to Buy 'Equity Loan') up to 80% LTV increased by 0.30% (80-90-% LTV rate unchanged)

·         All SE/SO products are available to FTBs with a £0 or £999 product fee

·         All SE/SO products now have a loan size availability of £0-£150,000 (max loan reduced from £500,000)

·         2 year fixed 85-90% LTV First Time Buyer and Homemover product changed. Early Repayment Charge amended to 3% until 30/09/2015, then 2% until 30/09/2016.

 

David O’Leary
Deputy Director of External Affairs