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Loan claim: BoE supports extensions to FLS

The Bank of England (BoE) said that it thinks extending the Funding for Lending Scheme (FLS) could be beneficial.

In the minutes from its Financial Policy Committee meeting, it noted how the scheme had been put in place to facilitate a gradual economic recovery but so far lending has been more subdued.

The FLS has seen BoE investing in major banks to encourage them to lend to homebuyers for the first time.

However, so far it has not produced the results hoped for. In fact, data showed that lending decreased in the last quarter of 2012.

Yet recent statistics from the Council of Mortgage Lenders have shown that the value of mortgages for first time home buyers has reached a five year high in February. They were up by 17 per cent compared to the same month last year.

Mortgage lending to first time buyers may also rise under the new Help to Buy Scheme.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801572748-ADNFCR

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