Lloyds Bank raises borrowing limit for first-time buyers

Group will provide mortgages worth up to 5.5 times household income – and other lenders could follow suitBritain’s biggest mortgage provider is increasing the maximum sums it is willing to lend first-time buyers in a £2bn move that experts say will bring home ownership within the reach of more people but could further increase house prices.Lloyds Banking Group’s decision to let people borrow more means those who meet the criteria may be able to buy a property they might have assumed was well out of their price range. Continue reading…