The Bank of England has announced that it is extending the Funding for Lending Scheme (FLS) until 2015, meaning that would-be buyers may have greater access mortgage finance.
An extension of the Bank of England’s £80bn Funding for Lending Scheme (FLS) may be gathering momentum, according to the Bank’s Monetary Policy Committee (MPC).
Mortgage lending reached an 11-month high in 2012, according to the Council of Mortgage Lenders (CML).
Household budgets are still continuing to be squeezed amidst an uncertain economic climate, with the latest figures from the Finance & Leasing Association (FLA) revealing that consumers are still turning to borrowing in order to make ends meet.
Rates on popular mortgages have fallen by a third since the summer, knocking circa £125 off the monthly interest of a £150,000 mortgage.
The Bank of England’s £80bn Funding for Lending Scheme (FLS), which gives lenders access to cheaper finance, helped mortgage lending reach an 11-month high in October.