In the first six months of the year, Lloyds said it has helped over 25,000 people take their first steps onto the property ladder. It expects its lending pledge to help over 50,000 people buy their first home by the end of 2012.

Stephen Noakes, mortgage director at Lloyds Banking Group, said: “This commitment is not about paying lip service. It shows that we’re providing genuine solutions for people buying their first home.

!It’s important that we dispel some of the myths about first-time buyer mortgages. People can buy a home with a 10% deposit, or even 5% through the NewBuy scheme.

“Getting things right at the bottom of the ladder has an important knock on effect throughout the chain. With our unrivalled commitment to affordable housing, new build through Halifax, and innovative products such as Lloyds TSB’s Lend a Hand, we’re not targeting our support at a select few, but making home ownership a reality for a whole generation of buyers.”

Halifax and Lloyds TSB last week refreshed their product ranges, reducing product rates including NewBuy and new build by up to 0.20%. From Friday, first-time buyers with a 10% deposit can also benefit from £1,000 cashback in Halifax branches.