According to the six month report produced by the Lloyds Banking Group, the percentage of mortgage lending fell by 19.1 per cent in comparison to

the same period in 2014.

Although £16 billion was lent to customers buying a property in the first half of the year, this is almost a fifth less than the £19.8bn lent out during the first six months of 2014. The report indicates that a quarter of all mortgages provided by Lloyds are to first time buyers, with £2.5bn in conjunction with the Help to Buy scheme, a mortgage guarantee scheme launched by the government.

The report also outlines funding set aside for the payment of Payment Protection Insurance (PPI) claims amounting to £1.4bn, with a total of £13.4bn paid out for mis-sold policies.
Antonio Horta-Osorio, the chief executive of Lloyds, said:

“The continued improvement in financial performance and strong start to the next phase of our strategic journey in the first six months of the year position us well for the future, despite the uncertainties around the economic, regulatory, competitive and political environment.”

The chief executive added that he believed Lloyds was in a good position to become the best bank for its customers. For many of those customers, obtaining a mortgage, especially for first time buyers, is a complex process with much stricter lending criteria. A mortgage advisor is often the first port of call for those wanting to get on the property ladder. To be in the best position to assist customers, mortgage advisers will have been on a CeMAP training course, which provides all relevant information.

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