Banking on a mortgage
FINANCE: Tentative evidence suggests a multi billion-pound scheme designed to unclog the flow of credit to Britain's homebuyers is starting to have an impact.
Official figures show a spike in mortgage approvals since the launch of the £80bn Funding for Lending Scheme in August.
The scheme, launched by the Bank of England and the Treasury, makes money available to banks on the condition they pass it on to businesses and households in the form of cheaper loans and mortgages.
The number of loans approved for house purchase rose by 2,103 to 50,024 in September, while the number of loans approved for remortgaging increased by 1,860 to 28,343, the Bank of England said yesterday.
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