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Banks 'make more UK mortgages available'

27th September 2012 | back to article listings BACK    print this article PRINT

Mortgage lending has received a boost in recent months as service providers increased the availability of credit in order to help kick-start the economy.

The Bank of England reports that the number of secured loans available to residents showed a considerable rise during the last quarter, despite an unpromising outlook earlier this year.

But despite the increased ability of people to secure UK mortgages, most loans still demand high deposits and the Bank reports that loan stipulations became tougher during the quarter.

Furthermore, the availability of business loans to firms of all sizes has not altered significantly, it said.

The Bank of England joined with the Government to launch an 80 billion Funding for Lending scheme two months ago in a bid to encourage movement in the economy.

The Bank said there have been initial positive results, with a drop in mortgage rates, but it predicted that lending could still slump over the next year and a half as a struggling wider economy takes its toll.

Copyright Press Association 2012

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