Lend a Hand

With the Lend a Hand Mortgage, you only need a 5% cash deposit, plus the backing of someone who wants to help you onto the property ladder by putting their savings up as additional security for the mortgage.

• Your helper will need savings equal to 20% of the property value.
• Your deposit and the savings of your helper must equal 25% of the property value.

They still earn interest on their savings, but it means that you can benefit from the lower mortgage rates normally available to customers with a 25% deposit.  The offer is only available in branch.

The mortgage

• You can borrow between £5,000 and £350,000.
• You only need a cash deposit of 5% of the property value, although it can be more.
• Your mortgage rate is fixed for 3 years, so you know what your payments will be each month and can plan your personal finances with confidence.

The savings

• Up to two people – likely to be your parents, but anyone who wants to - can lend you a hand.  They’re your Helpers
• They open a special Lend a Hand savings account with us and make a lump sum payment into this account of 20% of the value of the property you want to buy. Depending on the level of deposit it doesn’t have to be 20%.
• Your helpers will receive a fixed interest rate of 4.25% AER/Gross* for 3½ years (42 months) interest is payable on the required minimum balance of £2000 and above followed by a variable rate which tracks at 0.50% below the Bank of England base rate; view Lend a Hand Savings Account interest rate,
• Along with your 5% cash deposit, it means you can benefit from the lower mortgage rates normally available to customers with a 25% deposit.
  The savings are held as additional security for the mortgage by way of a legal charge, but your Helpers should be able to get their money back provided you don't default on the mortgage.

More about how your Helpers' savings can get you a better mortgage rate.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE