Lloyds Banking Group has unveiled what it claims is the UK’s largest commitment to first-time-buyer lending by confirming it will lend £5 billion to first time homeowners by the end of 2012.
In the first six months of the year, the Group helped over 25,000 people take their first steps onto the property ladder. And, it is looking to double this figure by the end of 2012.
According to Lloyds, it accounts for one in four first time buyers, helping 140 new homeowners every day.
It also has one in three mortgages on affordable housing schemes are provided by subsidiary Halifax, including shared ownership and shared equity, a third of all lending on UK new build properties funded by the Group and Halifax provides more than 25 per cent of funding for the NewBuy scheme.
Lloyds Banking Group mortgage director Stephen Noakes said: “This commitment is not about paying lip service. It shows that we’re providing genuine solutions for people buying their first home.
“It’s 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.
“Getting things right at the bottom of the ladder has an important knock on effect throughout the chain. With our unrivalled commitment to affordable housing and new build through Halifax, and innovative products such as Lloyds TSB’s Lend a Hand, we’re not targeting our support at a select few, but making home ownership a reality for a whole generation of buyers.”
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