Lloyds pledges to lend £10bn to FTBs

Lloyds said it expects to help around 80,000 first time buyers by the end of 2014 through its current propositions.

Stephen Noakes, mortgage director at Lloyds Banking Group, said: “This is the third consecutive year that we’ve undertaken a huge commitment to helping first-time buyers and each year we are aiming to make the mortgage market more accessible for more people.

“Across our brands, we have demonstrated our firm commitment to first time buyers with our involvement in initiatives such as Help to Buy and the Local Lend a Hand Scheme.

“We are now seeing increased confidence in the housing market, and this is underpinned by more people getting on the first rung of the property ladder.”

In 2013 Lloyds Banking Group committed to lending £6.5bn to support 60,000 first-time buyers, and this was achieved ahead of schedule. By the end of September 2013, Lloyds Bank, Halifax and Bank of Scotland advanced £6.7bn of new mortgage lending to 56,500 first-time buyers. That is 53% and 45% more, respectively, when compared with the same period in 2012. The commitment to lend to 60,000 first time buyers was fulfilled in October.