In February, the Group pledged to support 80,000 first time buyers this year, by committing to lend £10 billion to help them purchase their first home.
In the first six months of 2014, Lloyds Banking Group advanced over £5.7 billion of new mortgage lending to almost 44,000 first time buyers.
This is 55% and 36%, respectively, ahead of the Group's performance in the same period in 2013.The figures for the first half of the year are ahead of the run-rate required to meet the 2014 first time buyer commitments.
The Group's total gross new residential mortgage lending was £19.8 billion in the first six months of 2014, a 44% increase on £13.7 billion from the same period a year earlier.
In addition, Lloyds Banking Group lent one in four of all new loans to UK first time buyers who completed in the first five months of 2014 and expect to do so in 2014 as a whole.
Through the Lloyds Bank, Halifax and Bank of Scotland brands, the Group has supported key Government initiatives in the UK housing market, including Help to Buy, allowing first time buyers to purchase a property with a 5% deposit. In addition, Lloyds Bank also lends to borrowers with a 5% deposit through the Local Lend a Hand scheme, with over 60 participating local authorities.
‘We have made great progress in the first half of the year towards meeting our first time buyer commitments which is a key metric within our Helping Britain Prosper Plan,’ said Stephen Noakes, mortgage director at Lloyds Banking Group.
‘Increasing our mortgage lending by 44% on a year earlier demonstrates a strong housing market, which is supported by first time buyers. We lent one in four of all new loans to UK first time buyers, which has allowed us to help 44,000 people take the first step on the housing ladder so far this year,’ he pointed out.
‘Lloyds Banking Group is committed to helping Britain prosper and the progress we are reporting upon today underscores our efforts to support the UK mortgage market,’ he added.
