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Loan claim: Mortgage approvals on the rise

Despite the previous decline, the number of new mortgages taken out last month has increased.

New figures from the Bank of England show that the number mortgage approvals rose in the month of March to 53,504.

This is up from February’s five-year low of 52,000.

Many believe that this increase in mortgage lending has been helped by the central bank’s Funding for Lending Scheme (FLS).

FLS saw the Bank of England invest billions of pounds into major banks so that they would then offer cheaper loan deals to homebuyers and small businesses. However, while it has aided in lowering the price of mortgages, figures suggest that FLS has yet to increase business lending.

Recently, chancellor George Osborne decided to extend FLS in a bid to reduce austerity measures in the UK.

While the scheme was initially meant to be up in January 2014, consumers will be able to take advantage of the scheme for an extra year.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801579288-ADNFCR

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