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Lloyds pledges £6.5bn to first-time buyers in 2013

Lloyds Banking Group 480

Lloyds Banking Group has committed to lend £6.5bn to first-time buyers by the end of 2013 which is expected to help 60,000 new borrowers.

In July 2012, the Group committed £5bn towards helping FTBs by the end of the year.

Lloyds Banking Group mortgage director Stephen Noakes says: “Our range of products is continuing to make home ownership a reality for many first-time buyers. Through our commitment to affordable housing and new build schemes through Halifax, and innovative products such as Lloyds TSB’s Lend and Hand, we are offering solutions for those with smaller deposits.”

The group has drawn down £3bn to date from the Government’s Funding for Lending scheme.

Earlier this month, Money Marketing reported Lloyds is looking to ramp up its buy-to-let offering to account for just over 20 per cent of its gross lending in 2013.

In the first half of 2012, Lloyds lent around £12.3bn in total, with around £2bn worth of buy-to-let business. Its 2012 lending totals are not yet available.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. I have no desire to see the mistakes of the past repeated but at the same time I don’t believe ability to keep up repayments is the biggest impediment to FTBs it’s the 75 and 80% LTV requirements. Lloyds and the FFL should be clear about what level of deposit they are expecting to see from an applicant.

  2. Matt Worthington 21st January 2013 at 3:38 pm

    R.E. Sam @ 11:07

    As a FTB myself I completely agree. Income requirement is no problem as I already pay more in rent than my mortgage repayments would be. However the deposit is the issue for me. Whilst I can save a 20% or 25% deposit whilst renting, it’s going to take me years! And not like 3 or 4 years, more like 15 or 20!

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