The Funding For Lending Initiative is a new £80bn scheme which will provide discounted loans to banks which will then have to push this money out for mortgages and loans
(PRWEB UK) 9 August 2012
Online comparison experts at Cost.co.uk specialise in all insurance and finance matters, sourcing their customers the best deals on all products in those fields. The team at Cost are also well known for advising their online users with the latest news and developments concerning the industry fields in which they operate.
Always endeavouring to provide their consumers with great insights concerning insurance and finance, Cost helps them make informed and thorough decisions on the topics they deem most important. The latest subject the Cost professionals wish to address to their consumers relates to the new government scheme ‘Funding For Lending’ (FFL).
The Funding For Lending Initiative is a new £80bn scheme which will provide discounted loans to banks which will then have to push this money out for mortgages and loans. Launched on 1st August 2012, the scheme will be conducted through the Bank of England which will provide loans, for up to four years, at a cut-price rate of only 0.25%- however banks and building societies that fail to ‘push’ the loan will see their rates increase.
Cost’s Chief of Finance, shares her opinion about the new lending scheme:
“Funding For Lending appears to be a sensible suggestion to aid the country’s economic situation. Hopefully it will be more effective than the Government’s previous lending scheme, Project Merlin which provoked little positive feedback. In the last couple of weeks, some of the nation’s biggest mortgage lenders have cut their rates to participate in the FFL- but applicants must have a 40% deposit in order to be eligible”.
Based in Essex, Cost is one of the UK’s leading price comparison sites. Allowing their online customers access to companies offering a range of insurance, financial and travel services, the firm specialise in providing a personal experience. Founded in 2012, the agency has a trusted reputation for sourcing the most ideal policies at affordable prices.