Thursday 2 August 2012
Lloyds Banking Group is set to lend £5bn to first-time buyers by the end of 2012. This amount will help over 50,000 people to get on to the housing ladder.
The lender is supplying mortgages to one in four first-time buyers ensuring its place as the largest lender in the current market.
Its Halifax sector provides one in three mortgages for affordable housing schemes such as shared ownerships and shared equity. It also provides one third of lending for all of the UK’s new build properties.
Stephen Noakes, Lloyds’ Mortgage Director, noted on homemove.co.uk that: “With our unrivalled commitment to affordable housing, new build through Halifax, and innovative products such as Lloyds TSB’s Lend a Hand, we’re not targeting our support at a select few, but making home ownership a reality for a whole generation of buyers.”
Mr Noakes also wanted to advise first-time buyers that it is possible to purchase property with a 5 or 10% deposit.
Lloyds TSB and Halifax have recently reduced rate on NewBuy and new builds loans and Halifax is soon to introduce a deal that means that first-time buyers with a 10% deposit will receive £1,000 cash back.