LONDON, Oct 29 (Reuters) - Lloyds Banking Group posted forecast-beating third quarter profit on Thursday, lowering its provisions for expected bad loans due to the pandemic and cashing in on a boom in demand for mortgages.

Britain's biggest domestic lender reported pre-tax profits of 1 billion pounds ($1.3 billion) for the July-September period, compared to the 588 million pounds average of analysts' forecasts.

The bank booked new mortgage lending of 3.5 billion pounds over the quarter, after receiving the biggest surge in quarterly applications since 2008.

Lloyds set aside a further 301 million pounds to cover expected customer loan defaults, less than half the 721 million pounds consensus forecast.

($1 = 0.7673 pounds) (Reporting by Iain Withers and Sinead Cruise, editing by Rachel Armstrong)

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