Fulfilling a Dream

Saving hard for deposits

Helping customers out on the property ladder 

It can be heart breaking to be able to afford the mortgage repayments on a house, but not be able to raise the necessary deposit to buy it.

This is a challenge faced by many first time buyers and home movers who are looking for the security and stability of owning their own home but whose incomes have been squeezed and ability to save for larger deposits reduced over the last few years.

The dream within grasp

In September 2013 Halifax and Bank Of Scotland stepped up our commitment to this group of homebuyers by joining ‘Help to Buy’, the government backed initiative aimed at providing solutions to those really struggling with the size of deposit needed to buy a new home.

Through the scheme homebuyers can put down a deposit of as little as 5% of the property price and borrow up to 95% of the value of the home. The Government then provides a guarantee to participating lenders.

By reducing the size of deposit needed, we are making mortgages more accessible to those who thought homeownership a distant dream.

A leg up on the ladder

We have seen a fantastic response to our participation in Help to Buy. By the end of 2013, over 400 Help to Buy customers had received the keys to their new homes with the help of a Halifax mortgage.

And we’re looking to help even more homeowners to get on the ladder in 2014, by launching Lloyds Bank products under the scheme too. It's part of our ongoing commitment to helping the households of Britain prosper.