Lloyds pledges £23bn of mortgage lending in 2010

24 March 2010 | By Natalie Thomas

In an announcement today regarding its lending commitments for 2010 the banking giant says it expects to lend £67bn, excluding remortgages, to UK businesses and homeowners over the next 12 months.  

It has agreed to lend £23bn in total gross new mortgage lending, excluding remortgages, which includes the additional £3bn agreed under its mortgage lending commitment.

But it says its commitments are subject to market demand and based on commercial terms.

Lloyds made the same commitment last year and says total gross mortgage lending between March 2009 and February 2010, including its lending commitment, was £35bn and it provided one in four of all new mortgages.  

It provided £25bn in new lending to homeowners and first-time buyers, plus a further £10bn in remortgages.  

Lloyds total lending under its lending commitments in 2009 was £63.3bn, which includes the baseline and additional targets but excludes remortgages.  

The group exceeded its commitment on mortgage lending by almost 50%, providing an additional £4.4bn in 2009 instead of £3bn.  
 

 

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