£5 billion commitment pledge for first time buyers

Lloyds Banking Group confirms it will lend billions by the end of this year

The banking group claims that they will help more than 50,000 people to buy their first home before the end of 2012.

"This commitment is not about paying lip service," Stephen Noakes, Mortgage Director at Lloyds Banking Group."It's important that we dispel some of the myths about first time buyer mortgages. People can buy a home with a 10 per cent deposit, or even 5 per cent through the NewBuy scheme. Getting things right at the bottom of the ladder has an important knock on effect throughout the chain."