X

Mortgage & Property

New Insurance Professional

Family Office Bulletin

Mortgage Property

Insurance Professional

Family Office

Lloyds Bank to become private landlord – report

Lloyds Banking Group is planning to become a large private landlord as it seeks new sources of revenue with interest rates at record lows, the Financial Times reported.
Under the plan, called “Project Generation”, Britain’s biggest retail bank will buy and rent out new and existing properties across the UK, the FT said, citing documents and people familiar with the initiative. Lloyds aims to have its first tenants by the end of this year.

Lloyds, which owns the UK’s biggest mortgage lender Halifax, wants to use its low funding costs, brand recognition and knowledge of the housing market to become a big operator in the fragmented private landlord market. The bank, which also owns Bank of Scotland, has commercial relationships with almost all the UK’s biggest housebuilders.

The move shows the pressure retail banks are under as rock-bottom rates shrink lending margins with rates set to stay low for the foreseeable future. Lloyds hopes to sell loans and insurance to tenants as well as taking rental yield and potential value gains from the properties it buys, the FT said.

Lloyds told the FT: “We are committed to broadening access to home ownership and exploring opportunities to increase our support to the UK rental sector.”

The BTU union for Lloyds employees warned against the idea, saying: “The private rental market is such a risky business and if things go wrong the bank’s reputation could take a hammering.”

This Week’s Most Read

  • An interview with the pub landlord that barred Sir Keir Starmer

    Footage from today shows Sir Keir Starmer’s entourage man handling Rod Humphris, pub landlord for the Raven of Bath Public house. In this exclusive interview,

  • Sir Keir Starmer in pub brawl?

    Predictions of scuffles in pubs came true today, with a landlord being ejected from his own pub by interlopers. Sir Keir Starmer had been listening

  • Haatch SEIS fund oversubscribed within 2 weeks

    Haatch Ventures quietly launched their first SEIS Fund in March, with a target raise of £1.5m.  This figure was reached within 2 weeks, and the

  • Sir Keir Starmer, pubs and COVID – taking the piss, not taking a piss..

    We thought you weren’t allowed into pubs these days? Incredible scenes erupted today outside the Raven Pub in Bath, as Sir Keir Starmer was confronted

  • Why Government support means there has never been a better time for sustainability start-ups

    When Glasgow hosts the United Nations Climate Change Conference in November, it will be more than two years since the UK signed into law its

  • Staycation Boom Could be Taxing for Landlords

    Furnished holiday lets offer tax breaks, but owners need to tread carefully. Soaring demand for holiday lets as the UK plans for a ‘staycation summer’

  • New financial advice service from Vanguard aimed at retirement savers

    Designed for investors saving for retirement, Vanguard Personal Financial Planning launches on the award-winning Vanguard UK Personal Investor platform – vanguardinvestor.co.uk/financial-advice. The service offers personalised

  • MainStreet Partners: does the ‘S’ in ESG have ‘middle child’ syndrome?

    Long overlooked in favour of its more obvious counterparts, last year saw investors turn a corner and beckon in ‘an era of social impact investing’,

  • Creating a sustainable future – A special supplement in conjunction with M&G | April 2021

    M&G Investments are one of the early adopters of ESG (environmental, social and governance) and impact investing strategies within their funds. In this IFA Magazine

  • The Coming Decade for Climate Solutions

    Randeep Somel, Fund Manager, M&G Climate Solutions Fund, is finding reasons to be cheerful as he uncovers some of the powerful drivers of change which

IFA Magazine

Keep updated on the most important financial events 

Make sure you are an informed

wealth professional..

Adblock Blocker

We have detected that you are using

adblocking plugin in your browser. 

IFA Magazine