Lloyds Banking Group has revisited its new build lending policy to deliver more choice to both homebuyers and advisers.
Its cap on Halifax-supplied new build mortgages has been extended from 80 to 85% on all new build flat and home acquisitions, and the maximum LTV has been increased for those purchasing through a Shared Ownership scheme.
Borrowers seeking to apply for a mainstream 85-95% mortgage will deal with a managed panel of brokers and builders.
Those purchasing a new home or flat with a Housing Association or Registered Provider via a Shared Ownership scheme are now permitted to apply for up to 90% LTV. Previously, the upper limit was 80%.
Douglas Cochrane, Lloyds Banking Group head of housing development, said that the new build sector remains central to the success of the nation’s housing market. By offering more choice and improved access to mortgage products, the new build policy will help support its longevity.
Mr Cochrane explained that through the Helping Britain Prosper plan, Lloyds Banking Group has affirmed its commitment to making £10bn available to first-time homebuyers this year. It is a goal that will be supported by changes to the Shared Ownership lending policy.