Lloyds lent £342m under Help to Buy

Published on

Lloyds-Banking-Group

Lloyds Banking Group has reported underlying profit increased 22% to £1.8 billion in the first quarter of 2014.

The bank, which is still partly owned by the taxpayer, lent £2.6 billion to first-time homebuyers in first quarter, including £342 million through Help to Buy. Gross new mortgage lending was £9.8 billion.

Mortgage lending increased by £0.1 billion, with a £0.8 billion increase in the first quarter in books open to new business being partly offset by a reduction of £0.7 billion in specialist books. Year-on-year growth in books open to new business was 2%.

It saw SME loan growth of 5% in last 12 months with approximately 29,000 start-ups supported in first quarter.

Meanwhile, there was UK consumer finance loan growth of 9% in last 12 months.

António Horta-Osório, group chief executive, said: “We made good progress in the first quarter benefiting from our simple, low risk, UK focused retail and commercial banking business model.

“We provided further support to the UK economic recovery while delivering better underlying profitability and improved returns for shareholders from a stronger balance sheet. The launch of our Helping Britain Prosper Plan underlines our commitment to creating sustainable prosperity for our customers and growth in the UK economy.

“Our strong performance enabled the UK government to further reduce its stake, returning an additional £4.2 billion of taxpayers’ money in the first quarter.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Expat buy-to-let rates rise sharply for lower-LTV borrowers

British expatriate landlords with larger deposits are facing higher mortgage rates than borrowers with...

Commonhold reform faces practical challenges over finance and building management

The introduction of commonhold as an alternative to leasehold will require significant preparation across...

Family BS reduces fixed mortgage pricing for landlords and homeowners

Family Building Society has cut rates across its two-year fixed mortgage range by up...

Sprive records ninefold rise in shoppers as mortgage cashback spending reaches £185m

Mortgage cashback app Sprive has reported a sharp increase in customer activity, with shoppers...

Mortgage deals last just 15 days as volatility hits record high

Mortgage products are lasting just 15 days on average this year as lenders repeatedly...

Latest publication

Other news

Expat buy-to-let rates rise sharply for lower-LTV borrowers

British expatriate landlords with larger deposits are facing higher mortgage rates than borrowers with...

Commonhold reform faces practical challenges over finance and building management

The introduction of commonhold as an alternative to leasehold will require significant preparation across...

Buy-to-let and the next generation of landlords

There has been plenty of discussion recently about the future of buy-to-let, whether landlords...