New figures released on 3 June by the Bank of England show that since the Funding for Lending Scheme (FLS) began, Barclays has increased net lending in the UK by £6.8bn.
We want to lend wherever there is an opportunity to responsibly do so.Steve Cooper, Barclays
Barclays has increased net lending under the FLS by a greater amount than any other lender, demonstrating our commitment to supporting people by giving access to finance, grow their business, buy a new home or improve their quality of life.
“We want to lend wherever there is an opportunity to responsibly do so,” said Steve Cooper from Barclays. “We also pass on all the benefits we get from FLS directly to our customers. One way in which we’re doing this is through our Cashback for Business loan, which we launched last year and provides our SME customers with an instant cashback injection of 2% on loans, which will immediately boost a business’ cash flow.”
Barclays also announced today that it is cutting rates across its residential mortgage range by up to by up to 1.10 percentage points, including the lowest 10-year fixed rate the bank has ever offered, in a bid to give borrowers access to even better deals.
Steve Cooper continued: “This is a real boost for UK homebuyers, giving them access to cheaper mortgage deals, brought about by the combination of the low base rate and the continued benefits of the Funding for Lending Scheme. Fixed rates are proving increasingly popular with borrowers who are looking for the certainty of securing their mortgage payments over the longer term and we have helped these customers by giving them access to some of our lowest ever fixed rates in 2013, including the 10-year fixed launched today.
“As well as being of benefit to homebuyers, these products are also available to remortgage customers. With mortgage rates at historic lows, we would encourage existing homeowners to review their mortgage as they could benefit from substantial cost savings.”
20 Jul 2017, 08:00 BST
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