November 19, 2008
Banks Pushed to Increase Lending To Small Businesses
Last week the Government promised make sure that more is lent to small business as it created a monitoring body.
Business secretary Peter Mandelson announced the creation of a new panel to monitor how banks are lending to small businesses. It will make sure that all is being done to help small business and the self employed get loans and mortgages, regardless of rates and the state of the economy.
The five major high street banks – HSBC, HBOS, Lloyds TSB, Barclays and RBS – reached an agreement with the government to provide data on the availability, risk and overall cost of lending to small and medium sized businesses at the first meeting of the Small Business Finance Forum.
This is great news for those who are considering a self cert mortgage and are self employed owners of small businesses. With the launch of this panel, you can be sure the Government will be doing all it can to urge its subidised banks to use some of the taxpayers bailout to fund business mortgages, self cert mortgages, secured loans and overdrafts.
Of course, this does not mean you will automatically get a self cert deal – the banks will still need to see that you are a safe bet and a low risk candidate.
Keep up with the latest news and comments on Self Employed Mortgages at the Self Cert Mortgage Blog
