New lenders join the FLS

A further 17 lenders have signed up to the Government's Funding for Lending Scheme in the past month, taking the total number of participants to 30. At the end of September there were 13 lenders using the scheme, but a report in Mortgage Strategy magazine highlights the 17 new lenders accessing the cheap funding: Arbuthnot Latham, Cambridge Building Society, Clydesdale, Co-operative, Coventry Building Society, Cumberland Building Society, Julian Hodge Bank, Manchester Building Society, Mansfield Building Society, Market Harborough Building Society, Metro Bank, Newbury Building Society, Newcastle Building Society, Nottingham Building Society, Skipton Building Society, Tesco Bank and West Bromwich Building Society. Banks and building societies can initially borrow Treasury bills up to 5% of the amount they currently lend and they will then be charged just 0.25%. If they decrease lending, the interest rate will increase by up to 1.5%. November 2, 2012