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“Too early to judge FLS” says CML

“Too early to judge FLS” says CML

Category: Mortgages

Updated: 03/10/2012
First Published: 03/10/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The Council of Mortgage Lenders (CML) has claimed it is too early to judge the full potential of the Government's Funding for Lending Scheme (FLS).

The multi-billion pound initiative is still in its early stages but is already showing encouraging signs according to the CML, dismissing claims that the FLS had got off to a slow start.

The CML confirmed that it was happy with the "healthy mix" of banks and building societies which have signed up to the scheme so far.

In its fortnightly News and Views newsletter, the CML stated: Five of the six largest mortgage lenders are signed up to the scheme, and the other participants are five small or medium-sized building societies and three smaller banks.

"The size of individual loan portfolios of the participating firms extends from £11 million to £443 billion, with the base stock of loans of all 13 participants totalling £1.2 trillion."

In recent weeks:

  • Aldermore,
  • Barclays,
  • Hinckley & Rugby Building Society,
  • Ipswich Building Society,
  • Kleinwort Benson,
  • Leeds Building Society,
  • Lloyds Banking group,
  • Monmouthshire Building Society,
  • Nationwide Building Society,
  • Principality Building Society,
  • RBS Group,
  • Santander,
  • and Virgin Money

have all pledged to participate in the scheme, designed to boost lending to individuals and small non-financial businesses in the UK.

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