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Lloyds pledges to help 60,000 first time buyers in 2013

Bank sets aside £6.5 billion to lend to new buyers

Lloyds Banking Group has set a target of lending £6.5 billion to first time buyers over the course of 2013. This follows on from Lloyds pledge in July 2012 to approve £5 billion worth of loans to first time buyers by the end of the year. The Bank of England’s Funding for Lending scheme has helped push several banks into upping their lending. Since the scheme began in August 2012 Lloyds has drawn £3 billion of cheap loans from the Bank of England.

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

The HomeOwners Alliance welcomes this commitment as good news for aspiring home owners, a group hit hard by tighter lending introduced since the credit crunch. Find out what our mortgage expert David Hollingworth thinks about the best deals on the market for home buyers in his blog he wrote for us last week

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