Mortgage News
Lloyds reports loss of £6.3bn
Lloyds Banking Group (LBG) has reported a loss of £6.3bn for 2009, compared to a £6.7bn loss in 2008 and has maintained a mortgage market share of 24%.
Impairments or bad debts rose to £24.0bn from £14.9bn in 2008, principally due to HBOS portfolios and their high level of exposure to commercial property.
The group delivered a pre-tax profit of £1bn for 2009. This result includes an £11.2bn negative goodwill gain associated with the purchase of HBOS.
Gross new mortgage lending at the group totalled £35bn during 2009, representing a market share of 24%.
The group said it has continued to make good progress in building its mortgage business. In February 2009, LBG committed to increase its planned gross lending to home buyers by £3bn by March 2010 and said it is on track to deliver this commitment.
The average LTV ratio on new residential lending in 2009 was 59% compared with 63% in 2008.
Aldermore Insights with Jon Cooper: Edition 9 – Why lending strategy is becoming more central in buy to let
Sponsored by Aldermore
The percentage of mortgage cases more than three months in arrears increased to 2.3% at December 31 2009 compared to 1.8% as at the eend of 2008.
Repossessions reduced by 32% to 2,720 properties compared to 4,011 properties atDecember 31 2008.