Lloyds Banking Group has committed to lend £6.5 billion to first-time buyers in 2013.

The commitment to lend £6.5 billion to 60,000 first time buyers has been made by Lloyds Banking Group across all of its mortgage brands.

Stephen Noakes, mortgage director at Lloyds Banking Group, said: “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.

“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.”