03/01/2013
BoE Say Mortgage Funds To Increase 'Significantly'
The Bank of England has said that mortgage funds will be increased "significantly" by the Funding for Lending Scheme (FLS).
A survey of lenders by the Bank reports that lending picked up in the last three months of 2012, and will continue to do so in the coming months.
The Bank of England's Credit Conditions Survey found that the Funding for Lending Scheme, launched at the start of August 2012, was now helping to increase the flow of money to borrowers.
The aim of the scheme is to channel as much as £60bn of cheap money to lenders, on condition that they then lend it to households, and to companies outside the financial sector.
An initial report on the scheme, published by the Bank in early December, found that lending to households and businesses increased only slightly in the third quarter of the year, as the new scheme got under way.
In its survey, the Bank said: "In the three months to mid-December, lenders reported a significant increase in the amount of credit made available to the secured household and corporate sectors, and a slight increase in the availability of unsecured credit to households.
"The Funding for Lending Scheme was widely cited as contributing towards the increase in secured and corporate credit availability.
"Lenders expected a further increase in the availability of credit to all sectors over the coming quarter," the Bank added.
(H/GK)
A survey of lenders by the Bank reports that lending picked up in the last three months of 2012, and will continue to do so in the coming months.
The Bank of England's Credit Conditions Survey found that the Funding for Lending Scheme, launched at the start of August 2012, was now helping to increase the flow of money to borrowers.
The aim of the scheme is to channel as much as £60bn of cheap money to lenders, on condition that they then lend it to households, and to companies outside the financial sector.
An initial report on the scheme, published by the Bank in early December, found that lending to households and businesses increased only slightly in the third quarter of the year, as the new scheme got under way.
In its survey, the Bank said: "In the three months to mid-December, lenders reported a significant increase in the amount of credit made available to the secured household and corporate sectors, and a slight increase in the availability of unsecured credit to households.
"The Funding for Lending Scheme was widely cited as contributing towards the increase in secured and corporate credit availability.
"Lenders expected a further increase in the availability of credit to all sectors over the coming quarter," the Bank added.
(H/GK)
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OFT Consults On Second Charge Lending Guidance
The Office of Fair trading (OFT) today launched a consultation on draft guidance for businesses engaged in second charge lending. Second charge loans, or 'homeowner loans', involve consumers with an existing mortgage taking out further personal borrowing secured against their home.
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£2bn Increase In Mortgage Lending In 2012
Gross UK mortgage lending in the UK reached a total of £143bn in 2012, with £11.7bn being lent in December alone. According to the Council of Mortgage Lenders (CML) the total is £2bn higher than 2011, and greater availability of mortgages at cheaper rates at the end of the year mean a continued pick-up is expected.
19 January 2009
Second Bank Bail Out Measures Announced
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Second Bank Bail Out Measures Announced
The Government has revealed a second package of measures to encourage banks to start lending again, and to help the sector through the financial crisis. Among the measures announced today was a scheme that would allow banks to exchange their cash or shares for a Government guarantee on their "toxic" debts.
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20 June 2013
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Unexpected Surge In Mortgage Lending In May
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