Bounty

First-time house buyers, such as young families, have been given a pledge by a major lender that cash is being earmarked for them this year.

The HSBC bank has promised to put up £15 billion-worth of mortgages this year, with £3 billion of it intended for people who have never bought property before.

Around 27,000 first-time buyers and around 150,000 existing homeowners will be loaned the money, according to the bank.

Commenting on expectations that mortgage lenders will make their borrowing criteria ever-stricter in 2012, HSBC's Martijn van der Heijden said his firm will not be changing any of their rules, pointing out: "We have always had a relatively conservative lending criteria."

Mr Heijden insisted: "In 2011 we offered UK borrowers some of the most competitive rates around and we plan to continue this in 2012.

"While some estimates suggest mortgage lending in the UK will fall this year, HSBC has no intention of closing its doors to customers, nor will we compromise our reputation for responsible lending."

Copyright Press Association 2012