Lloyds breaks first time buyer mortgage deadlock

Lloyds is offering a new deal for first-time buyers that allows parents or friends to use their savings as a guarantee against a default. The bank is offering to lend up to 95 per cent of a property’s value for a three-year fixed rate as long as savings worth 20 per cent of the property are deposited into a Lloyds account, which can be used if the borrower defaults.