Barclays’ lending rates have increased significantly since the introduction of the Funding for Lending Scheme (FLS).
Net lending by the bank, which includes loans and mortgages, has risen by £6.8 billion since the government introduced FLS to the market.
This was the largest increase of any bank, something Barclays argues shows it is committed to supporting people growing their business or buying a new home.
The financial institution also announced yesterday (June 3rd) it was cutting interest rates across its lending product range by as much as 1.1 per cent and will now offer the lowest ten-year fixed-rate mortgage in its recent history.
Steve Cooper from Barclays said: “This is a real boost for UK home buyers, giving them access to cheaper mortgage deals, brought about by the combination of the low base rate and the continued benefits of the FLS.”
Mr Cooper also stated the new product was available on the remortgage market, allowing those with residential assets to access liquid capital at lower than normal prices.
