Rat and Mouse
Wed
02
Feb
Lloyds comes to the rescue of the second-steppers

The 'Equity Support Scheme', a mortgage disguised as a self-help group, is a product aimed at existing (Lloyds Group) borrowers in negative equity who need to move. It makes their mortgage portable, by allowing them to use any savings they might have (and so immediately disqualifying 43% of them according to Lloyds’ own data) to meet a 5% deposit requirement on the new property, and to move their negative equity (up to 25% of the value of the new property) over. In other words… it’s potentially a 120% mortgage.

Our publisher looks at Lloyds' new negative equity mortgage and asks what its launch implies about the medium-term future of the market, in his guest column for Citywire.

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