Mortgages on new build houses and flats will now be available between 90 and 95% LTV through both Halifax and Lloyds Bank Help to Buy Mortgage Guarantee scheme products.
New Build 80-90% LTV lending will be available on new build flats (previously this was only available for houses) and will also be available through Lloyds Bank, which has not previously lent on new build properties above 80% LTV.
These new options are available when purchasing a new build property through selected builders. The panel of builders has been extended to allow better access to these schemes for customers looking to borrow over 80% LTV.
Stephen Noakes, mortgage director at Lloyds Banking Group, said: “We continue to support customers with smaller deposits who are buying new build properties and as a result the Group is allowing these homes to be bought through our Halifax and Lloyds Bank Help to Buy Mortgage Guarantee Scheme products.
“We are committed to the new build market, where we provide one in four mortgages, and which will play a key role in helping us achieve our commitment to lend £10bn to 80,000 first time buyers this year.”
From 4 September Halifax will withdraw from the NewBuy and Mi New Home schemes.