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News Tag: funding for lending

December 12, 2012

Moneyfacts reports fall in number of savings accounts

by Jan Harris
Moneyfacts reports fall in number of savings accounts
The Funding for Lending Scheme (FLS), launched by the Bank of England and the Treasury this summer, has caused a sharp fall in the number of accounts available for savers, according to Moneyfacts, a leading provider of personal finance data. FLS is designed to increase the availability of mortgages and business loans by providing banks and building societies with ...




November 2, 2012

First-time buyer mortgages remain in short supply

by Jan Harris
First-time buyer mortgages remain in short supply
The Funding for Lending scheme (FLS) is failing to boost the supply of mortgages for first-time buyers, according to financial information service Moneyfacts. FLS, which was launched by the Treasury and the Bank of England in August, is designed to reduce funding costs for lenders, allowing them to increase their lending to businesses and individuals, at lower rates. However, figures from Moneyfacts ...




October 12, 2012

Funding for Lending scheme prompts mortgage cuts

by Jan Harris
Funding for Lending scheme prompts mortgage cuts
Mortgage brokers have attributed moves by several lenders to cut their mortgage rates to the Bank of England’s recently launched Funding for Lending scheme. Ray Boulger of mortgage brokers John Charcol said that the Funding for Lending scheme was the key to the cuts. "Wholesale borrowing rates have fallen quite quickly since the scheme was announced," he said. The scheme incentivises banks ...




September 26, 2012

Demand for mortgages subdued despite increased lending

by Jan Harris
Demand for mortgages subdued despite increased lending
Banks and building societies have significantly increased levels of mortgage lending according to a Bank of England survey. Mortgage lending increased significantly in the three months to September and is expected to rise again in the final quarter. However, demand from buyers in the three months to September was subdued, with falling housing prices having a negative effect on availability. The ...




July 30, 2012

First-time buyers missing out on mortgage cuts

by Jan Harris
First-time buyers missing out on mortgage cuts
There is concern that recent cuts in mortgage rates are focused on borrowers with large deposits rather than first time buyers. The government is launching its Funding for Lending scheme to help reduce the cost of mortgages, but although rates were cut on 200 mortgage products in July, the cuts favoured those with deposits of 10 per cent or more. ...




July 24, 2012

Mortgage lending down 11% in June

by Jan Harris
Mortgage lending down 11% in June
Mortgage approvals fell to their lowest level for at least the last 15 years last month, according to the British Bankers' Association (BBA). There were 51,610 mortgage approvals in June, representing a total value of £6.5 billion. The number of mortgages approved for house purchases fell to 26,269 during the month, 11% lower than in May, partly due to the bad ...




June 22, 2012

Mortgage lending 24% higher in May

by Jan Harris
Mortgage lending 24% higher in May
Mortgage lending increased by 24 per cent to £12.2 billion in May, after a fall in April, according to the Council of Mortgage Lenders (CML). The figure was 13 per cent higher than a year ago. However, when the effect of the end of the stamp duty holiday on first-time buyer properties is excluded, the market is broadly flat, the CML warned. ...




June 15, 2012

Mortgage lending fell 30% in April

by Jan Harris
Mortgage lending fell 30% in April
Mortgage lending fell by 30 per cent in April, with just 36,000 home loans approved, according to the Council of Mortgage Lenders (CML). The fall followed the end of the stamp duty concession for first-time buyers, and loans to this group fell by nearly a half, to 12,600 in April. Many first-time buyers rushed to buy a property before the end ...