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Lloyds’ H1 mortgage lending rises to £14.5bn

  • 01/08/2013
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Lloyds’ H1 mortgage lending rises to £14.5bn
Gross mortgage lending across Lloyds Banking Group hit £14.5bn in the first half of the year, its interim results have shown.

This means the lender, which operates the Lloyds TSB, Halifax and Bank of Scotland brands, has completed £2.2bn more in mortgages than the same point last year.

This helped Lloyds to a profit of £2.1bn for the six months to June 30, compared with a £456m loss in H1 2012.

The average LTV of its mortgage book decreased from 56.4% to 54% during the last six months but the average LTV for new mortgages written rose to 63.6%. The percentage of loans above 100% fell considerably from 11.7% to 7.2%

The group said it had committed over £24bn in lending thanks to the government’s Bank of England scheme and had drawn down £3bn in funds since its launch on August 1 last year.

The group reaffirmed its desire to focus on the UK market and said it had already reduced its presence or withdrawn from 17 countries and is targeting a presence in fewer than 10 countries by the end of next year.

LBG also reconfirmed plans to bring its Scottish Widows protection proposition to the intermediary channel and announced it would open Halifax branches in Scotland later this year.

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