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Lloyds commits £5bn to first-time buyers in 2012

Lloyds Banking Group has committed £5bn towards helping first-time buyers onto the housing ladder by the end of the year.

Lloyds advanced £12.3bn worth of gross lending in the first half of 2012. It lent £2.8bn to 25,000 first-time buyers and is aiming to lend a total of £5bn to 50,000 first-time buyers by the end of the year.

Lloyds Banking Group mortgage director Stephen Noakes says: “This commitment is not about paying lip service. It shows that we are providing genuine solutions for people buying their first home. It is important that we dispel some of the myths about first-time buyer mortgages. People can buy a home with a 10 per cent deposit, or even 5 per cent through the NewBuy scheme.”

If Lloyds meets its target of 50,000, it will be providing mortgages for one in four first-time buyers, making it the largest lender in this market.

Legal & General Mortgage Club managing director Ben Thompson says: “More lending in the mortgage sector is what we need to stimulate growth and increase competition, and while the announcement by Lloyds is a positive one, we need to see other lenders following suit to meet pent-up demand.”

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