Stay up to date with notifications from The Independent Notifications can be managed in browser preferences. All News Sport Culture Lifestyle What steps can homeowners worried about mortgage rate rises consider? Lloyds Banking Group is introducing a new mortgage product requiring a deposit of just £5,000, designed to help first-time buyers, especially renters, achieve homeownership. Available from 18 May through Lloyds, Halifax, and independent brokers, this offering aims to significantly cut the time prospective buyers spend saving for a deposit. The mortgage applies to properties valued up to £300,000, features a maximum loan-to-value of just over 98 per cent, and comes with a five-year fixed interest rate of 5.89 per cent. Applicants, both employed and self-employed, can borrow up to four-and-a-half times their salary, subject to strict affordability and credit checks, with a borrowing term of up to 40 years.…