£4 billion extra boost for first time buyers from Lloyds Banking Group
Lloyds Banking Group will make an extra £4 billion of mortgage lending available to First-time Buyers needing higher income multiples following recent mortgage lending reforms.
The Group will extend First Time Buyer Boost (FTB Boost) which is available through Lloyds Bank and Halifax.
Since launching FTB Boost in August 2024, over £4 billion of lending has already helped 11,000 First-time Buyers get on the ladder by borrowing more than 4.5x their income
Increasing the loan-to-income to 5.5x increases the available borrowing by 22% for FTBs; a household income of £50,000 and a deposit of 10% will increase the maximum loan available from c£224,500 to c£275,000.
Lloyds Banking Group continues to support FTBs. In the two months since updating its affordability assessments, it has helped more than 1,000 first-time buyers access a mortgage they wouldn’t have qualified for before. It has also helped over 500,000 buy their home, with over £100 billion of first-time buyer mortgages since 2018.
Aaron Strutt, product director at Trinity Financial, says: "This is a big commitment from Lloyds and will help a lot of first-time buyers to get on the property ladder. Halifax already offers some generous income multiples, along with many of its competitors.
Nationwide has one of the most popular schemes for first-time buyers called the Helping Hand mortgage. Applicants with a £30,000 salary or a joint income of £50,000 can borrow up to six times their combined salary. They will still need to meet strict mortgage affordability rules, but Nationwide says the recent improvements to its criteria mean it can support an additional 10,000 first-time buyers each year."
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The information contained within was correct at the time of publication but is subject to change.
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