The Group committed to lend to 80,000 first time buyers by the end of 2014, with a further target that this would equate to £10bn in lending
In the first eleven months of 2014, Lloyds advanced over £10.8bn to more than 81,000 first time buyers, 26% and 14% more respectively compared with the same period last year.
The news comes as the Prime Minister launched a consultation for a scheme targeting under 40s who have never owned their own homes. The scheme, set to launch at the start of 2015, will offer a discount of 20% on homes built on ‘used or unviable’ brownfield sites.
Lloyds Banking Group also pledged to provide one in four of all new mortgage loans to first time buyers in the UK in 2014. Lloyds Bank, Halifax, Bank of Scotland and Scottish Widows Bank are on track to fulfil this commitment.
Stephen Noakes, mortgage director at Lloyds Banking Group, commented: “First time buyers now face a real challenge to get onto the property ladder, but the great propositions across our brands have allowed us to help over 81,000 people make their move to home ownership this year.”
