Lloyds Banking Group

December 02, 2013 10:07 ET

Lloyds Banking Group Meets 2013 First Time Buyer Commitments Ahead of Schedule

LONDON, ENGLAND--(Marketwired - Dec. 2, 2013) - As part of its market update, Lloyds Banking Group has today announced that it has already delivered its commitment to lend to 60,000 first time buyers by the end of 2013.

In addition, the Group is three months ahead of schedule on its commitment to lend £6.5 billion to first time buyers by the end of the year, helping these customers take the important first step onto the property ladder.

In the first nine months of 2013, Lloyds Bank, Halifax and Bank of Scotland advanced £6.7 billion of new mortgage lending to 56,500 first time buyers. That is 53% and 45% more, respectively, when compared with the same period last year. The commitment to lend to 60,000 first time buyers was fulfilled in October.

In addition, the Group pledged to provide one in four of all new mortgage loans to first time buyers in the UK in 2013. The first nine months of the year show that Lloyds Bank, Halifax and Bank of Scotland are on track to fulfill this commitment.

Stephen Noakes, Mortgage Director at Lloyds Banking Group, commented:

"Fulfilling our first time buyer commitments within the first nine months of the year is reflective of our efforts to provide one of the most comprehensive product propositions in the UK mortgage market.

We've been able to help our customers with our participation in schemes such as New Buy and Help to Buy in the Halifax and Bank of Scotland brands, as well as continuing to offer great propositions such as Lloyds Bank's Lend a Hand."

In total, Lloyds Banking Group's new mortgage lending across all customer segments totaled £25.2 billion in the first nine months of 2013. This is 32% ahead of £19.0 billion in the first nine months of 2012.

Notes to editors:

  • The commitment to lend £6.5 billion to 60,000 first time buyers was made by Lloyds Banking Group across all of its mortgage brands.

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