Director-General of the CML observed:
"While it is difficult to say exactly what its impact on the mortgage market may prove to be, the "funding for lending" scheme seems likely to encourage lending in its widest sense and to that extent should be a helpful support to economic growth. We will continue to look at the detail to identify any specific imapcts for mortgage lenders.
"Building societies and other mutual lenders are currently very active in the mortgage market so we have been looking forward to seeing the details of the Funding for Lending Scheme (FLS). Mutuals have seen strong growth in lending so far in 2012, with gross lending up 40% in the first five months compared to the same period in 2011. In comparison, bank lending was up just 4%.
Conveyancers can merely hope that this latest scheme will help more people move home.