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Mortgage availability improvement
Mortgage availability improvement
The Bank of England has reported that there has been a significant improvement in the availability of mortgages in the UK
Tarporley,
Cheshire,
United Kingdom
(prbd.net)
31/10/2012
The Bank of England has reported that there has been a significant improvement in the availability of mortgages in the UK.
Banks and building societies have improved their mortgage lending options in a sign that a boost to credit has had a positive impact. Overall availability of secured lending increased in the months leading up to September 2012.
Most products were aimed at people with large deposits and credit scoring criteria has tightened.
The Government's Funding for Lending scheme saw £80bn injected into banks and building societies to improve lending and unclog the flow of credit to businesses and householders.
It seems that signs of an early impact are positive as borrowing rates have reduced, but it may not be able to prevent the total lending from falling over the next few years as the wide global economic problems are weighing down on markets.
Mortgage availability is expected to further increase over the next three months and overall the outlook for bank lending is positive although it will be a slow process to get credit flowing freely around the economy.
Even if banks make credit available, many households don't want to borrow due to increased living expenses putting pressure on them although the availability of other lending aside from mortgages, is expected to pick up slightly towards the end of 2012 due to a loosening in credit scoring criteria.
Credit availability to the corporate sector is expected to remain broadly flat for the rest of the year.
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