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Lloyds’ first-time buyer lending leaps 53%
Lloyds Banking Group boosted gross mortgage lending by 32% in the first nine months of 2013 compared to the same time last year and exceeded its first-time buyer targets, the Q3 results have shown.
In total, Lloyds Bank, Halifax and Bank of Scotland advanced £25.2bn between January and September. In 2012, the group advanced £19bn.
Lending to first-time buyers was 53% higher than the same time last year, at £6.7bn. The number of borrowers jumped 45% to reach 56,500. As of October, the group has exceeded its first-time buyer targets for 2013.
Lloyds Banking Group mortgage director Stephen Noakes said: “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.”
According to the results, the Help to Buy scheme would help to increase liquidity in the housing market and boost construction.
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Lloyds Banking Group saw profit before tax of £1.694bn, compared to a loss of £607m in the same period last year.
While the group put aside £750m to deal with expected payment protection insurance complaints, reported complaints excluding PPI were 20% lower than the previous year.