Cautious welcome for Funding for Lending scheme

There has been a cautious welcome for the new Funding for Lending scheme, under which the Bank of England will make low-cost funds available to banks and building societies for more – and cheaper – mortgages and business loans.

The aim of the multi-billion pound scheme is to address the rising cost of borrowing and the difficulty people have faced in obtaining both mortgages and loans. 

However, some concerns have been expressed that the benefit may not go to those who are most in need, such as those who are struggling to find a 50% deposit for their mortgage. 

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