Borrowers With Negative Equity Could Benefit From A Deal Launched By Lloyds

Lloyds Banking Group have launched a new scheme called The Second Steppers. The deal is for existing customers who have a negative equity.

This scheme will let consumers who have negative equity of 120% loan to value to purchase a bigger property or a property of the same size or they can downsize.

“For example if the current property is valued at £110,000 and the borrower has a mortgage of £130,000, which is 118% LTV, they could move to a new property worth £120,000 and pay a £10,000 additional deposit, reducing their LTV to 108%.”

Click on the link below to read the article in full at the mortgagestrategy Website:

Lloyds launches deal for borrowers in negative equity