18 Jul 2025
Lloyds Boost Lending for First-Time Buyers
Lloyds Banking Group has jumped on the bandwagon to boost lending for first-time buyers as they allocate an additional £4 billion to help first-time buyers onto the property ladder.
The first-time buyer Boost scheme (offered through Lloyds Bank and Halifax), was first launched in August 2024. According to the banking giant, this scheme has already helped over 11,000 people buy their first home by allowing them to borrow more than the usual 4.5 times their income.
As the Loan to Income (LTI) cap has been increased to 5.5 times income, applicants who fit the criteria could borrow up to 22% more. For example, a household earning £60,000 could borrow a maximum of £330,000, previously this would have been around £270,000.
To be eligible for the First Time Buyer Boost, you must:
- Have a combined household income of a minimum of £50,000
- Have a deposit of 10% or more
- One person must be a first-time buyer
- Be employed, not self-employed
To find out more and see if you fit the criteria, get in touch with our independent mortgage experts: 01628 507477 | team@mortgagerequired.com.
Recent posts
Here are the lowest fixed mortgage rates of the week, available to first-time buyers, home movers, buy-to-let, and those remortgaging.
Call us for more information: 01628 507477 or email: team@mortgagerequired.com.
The Bank of England Governor, Andrew Bailey, has advised that, due to the “very big energy shock” the economy is facing, they won’t be in a rush to increase UK interest rates.
Many homeowners don’t realise that a simple act or oversight could invalidate their home insurance policy. Home insurance is essential in protecting your most valuable assets; however, it is important to understand what affects your cover to ensure you are fully protected.
In certain areas, impressive views are one feature that buyers are willing to pay price premiums of more than 30 per cent.
The UK mortgage market is seeing lenders withdraw deals and hike mortgage rates amid the escalation of conflict in Iran. This isn’t great news for borrowers, with the average rate for a two-year fixed deal sitting above 5%.
Statistics now show that those looking to purchase a property would have to save a deposit bigger than their annual gross pay.
Analysis from the Office for Budget Responsibility (OBR) shows that those looking to buy their first home could face a sharp increase if house prices follow the latest predictions, as Coventry Building Society suggests.
According to Zoopla, four in 10 homes are now cheaper to buy with a mortgage than to rent due to lower-cost mortgages - a sign that ownership is becoming more affordable.
More information
Trusted by
