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Loan claim: Mortgage rates to keep falling

The Bank of England’s Credit Conditions Survey has revealed that mortgages have continued to fall and it expects them to continue falling through the next quarter.

Lenders have said that there is increased space for risk at the moment and that credit is now more available to consumers.

The government has been trying to encourage easier mortgage lending to consumers as a means of stimulating the property market.

Under its Funding for Lending Scheme (FLS), it invested billions of pounds in major banks under the agreement that they would make this more readily available to consumers.

However, so far FLS has not produced as strong results as was hoped. Chancellor George Osborne said that the scheme could be revised.

Under the Help to Buy Scheme, which was recently introduced in the Budget, lenders could be encouraged to agree more mortgages as the government will be acting as guarantor on some loans.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801566499-ADNFCR

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