Funding for Lending Scheme extension

The Bank of England and Treasury have today confirmed joint plans to extend the Funding for Lending Scheme to January 2015.

The scheme has also been expanded to include lending from banks and building societies to non-banks such as certain mortgage lenders.

Although non-bank lenders cannot access the scheme directly, any banks that lend to them will now be able to include that lending as eligible for inclusion in the FLS. This ought to result indirectly in the benefits of the FLS scheme being passed through to non-bank mortgage lenders.

Source – Mortgage Solutions 24 Apr 2013