Lloyds Banking Group pledge to help 60,000 first time buyers in 2013

Posted: 06/03/2013

Lloyds Banking Group has plans to help 60,000 first time buyers to get onto the property ladder in 2013 with a £6.5 billion funding.

Lloyds Banking Group includes Halifax, the Bank of Scotland and Birmingham Midshires however, it is expected that they will offer mostly 90% loan to value mortgages and in some cases they will offer 95% mortgages.

Lloyds Banking Group did a similar campaign last year when they promised to support 50,000 first time buyers with £5 billion and by September 2012, they had helped 40,000.

Halifax have provided over 40% of the funding for the Newbuy scheme which was launched by the Government in 2012 which is available for both first time buyers as well as current homeowners who can only afford a small deposit. Halifax also claims that they have provided three mortgages on the affordable housing schemes.

In November 2012, HSBC claimed to have approved £4 billion worth of lending to around 33,000 who had never bought a property before and in the same month Nationwide claimed that it was responsible for around one in five first time buyer mortgages. Nationwide claimed to have lent £2.5 billion in six month which helped 20,000 first time buyers take their initial step onto the property ladder.

Barclays Bank introduced a new deal recently called the Family Springboard where it will offer buyers access to an affordable fixed rate mortgage with a mere 5% deposit, providing their family opens up a savings account with 10% of the purchase price for three years which will be linked to the loan.

Are you a first time buyer looking for a mortgage? Out of all the deals listed on this blog, which one appeals to you the most?

Amanda McGovern, Pali Ltd
www.paliltd.com

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