Funding for Lending Bank scheme launched
02nd August 2012

We have seen this week the introduction of a new scheme to prompt banks to make more money available to homeowners and businesses. Under this new initiative, the Bank of England will lend money at below market rates to the financial institutions. The Bank will then monitor their progress in lending the case out. Whilst some mortgage lenders have already cut the cost of their long-term and fixed-rate deals, the lower borrowing costs being introduced by mortgage lenders are so far only being introduced to people with large deposits. The latest developments from the Bank of England are encouraging but the proof will certainly be in the pudding. It goes without saying that with lower mortgage rates for first time buyers with small deposits, there will be knock on affects for the conveyancing  market which would should hopefully see a surge in business. We will await the outcomes with baited breath!

Get a Free Quote From PLS
If you need any help or simply have a question, please get in touch...