Lloyds Banking Group is looking to ramp up its buy-to-let offering to account for over 20 per cent of its gross lending in 2013.
Money Marketing understands the group plans to increase its total lending and increase buy-to-let as a proportion of lending from 17 per cent in 2012 to around 21 per cent this year.
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.
While Lloyds will not disclose its 2013 lending target, it did say it is expecting gross lending to increase across the group.
BM Solutions head of sales Phil Rickards says: “As the market for private rented housing grows, we are investing in our business to ensure that we can support increased volumes.”
The Buy-to-let Business managing director Ying Tan says: “If you were to ask any of my mortgage consultants which lender they would want to show increased appetite this year it would be BM Solutions because you know what you are going to gett. Applications go through most of the time and the service is good.”