Is it going to become easier to get a mortgage
The Bank of England launched an initiative – the Funding for Lending Scheme (FLS) – aimed in part at encouraging more lending to home buyers.
The scheme involves offering up to £60bn in cheap money to banks and building societies, in the expectation that they lend it to people and businesses and avert any further slowdown in the wider economy.
Hopefully this news will stimulate the property market and encourage first time buyers and investors in to the market.
the number of completed house sales rose by 6% last year to about 930,000, despite banks and building societies continuing to ration their mortgage lending to only the most credit-worthy of borrowers. We can all agree that there needs a large increase to get the stimulation needed in the property market.
