Friday 8th of May 2009
The availability of finance could be set to increase as a result of the Bank of England’s latest measures, it has been suggested.
Yesterday (May 7th) the Bank’s Monetary Policy Committee (MPC) opted to maintain the base rate at its lowest ever level and increase its quantitative easing scheme.
And Brigid O’Leary, senior economist at the Royal Institution of Chartered Surveyors, stated that the latter move could "stimulate" lending.
However, those who find they are still unable to secure finance in order to consolidate debts may wish to consider non-borrowing solutions such as individual voluntary arrangements.
"The Bank of England’s decision to extend their programme of quantitative easing suggests that they are still fairly pessimistic about the economic outlook and, in particular, the outlook for bank lending," said Ms O’Leary.
Meanwhile, Moneyextra.com has noted that many mortgage lenders are still failing to pass on base rate reductions, despite it having dropped to 0.5 per cent in March.
- House price rise 'may not indicate recovery'
- Equity release 'needs to be increased'
- Need for IVA help could increase as expert predicts reduction in lending
- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- Tax hikes may drive IVA questions
