It says it hoped to lend to around 60,000 people buying their first home by the end of 2013 via one of the most comprehensive product propositions in the UK mortgage market.
A third of all lending on UK new build properties is funded by the Group and it says one in three mortgages on affordable housing schemes are provided by the Halifax, including shared ownership and shared equity.
Halifax provides more than 40% of funding for the NewBuy scheme, working alongside 42 house builders, more than any other lender. Meanwhile, the Bank of Scotland has launched a range of products for customers on the MI New Homes scheme.
Lending includes a maximum loan to value ratio of 90% on the Halifax and Lloyds TSB core product ranges, including on selected new build properties with Halifax and lending to borrowers with a 5% deposit through the Lloyds TSB Lend a Hand and Local Lend a Hand schemes is available with over 30 participating local authorities.
The Group was the first bank to access the Government's Funding for Lending scheme through a £1 billion drawing in September 2012 and to date has drawn a total of £3 billion.
‘Our range of products is continuing to make home ownership a reality for so many first time buyers. Through our unrivalled commitment to affordable housing and new build schemes through Halifax, and innovative products such as Lloyds TSB's Lend a Hand, we're offering real solutions for those with smaller deposits,’ said Stephen Noakes, mortgage director at Lloyds Banking Group.
‘The recovery in the housing market rests on growth in the wider economy. Whilst the property market is likely to continue to be challenging, we remain committed to getting things right at the start of the chain, creating liquidity in the housing market and helping more people get on to the property ladder in 2013,’ he added.
In 2012 Lloyds Banking Group committed to lending £5 billion to support 50,000 first time buyers. At September 2012, the Group had helped 40,000 customers, the equivalent of one in four first time buyers, to purchase their first home.