Plans announced to cut Lloyds TSB mortgage market share.
Lloyds banking group has announced plans to cut the Lloyds TSB mortgage market share for 2012 to 25%.
Currently the Lloyds TSB mortgage market share is 28% and when recently discussing it's first quarter results for this year, Lloyds chief executive Antonio Horta-Osario advised of the bank's decision to reduce its UK mortgage book.
By reducing the lender's mortgage market share Horta-Osario's aim is to increase Lloyds TSB's share of UK retail deposits. It is hoped by the bank that this will increase from it's current level of 23% up to 25%, which would align it to the bank's reduced portion of the UK mortgage market.
A spokesperson has advised that Lloyds has managed to maintain a strong UK presence in the property purchase market but added that the lender has experienced a reduction in remortgage lending. However mortgage approval rates so far for 2012 have been consistent at around 8 in 10. The bank's UK retail deposits have also continued to be competitive.
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