The Leeds Building Society has stated its intention to use the Funding for Lending Scheme (FLS) to support its plans to increase its net lending.

Figures released this week by the Bank of England showed that net lending was £498 million, despite a total drawdown of over £4.3 billion.

Leeds Building Society, which accessed £100 million, has delivered positive net lending of £212 million.

Paul Riley, group treasurer at Leeds Building Society, said:”When you look at the net lending numbers, we have contributed strongly. During the past 18 months, we have agreed new mortgages totalling £2 billion, well above our natural market share, and we intend to continue to grow our business organically.

“Whilst it is early days for the scheme, we have strong lending aspirations and will use the FLS to drawdown more funding to support it. This means that we will be able to help first-time-buyers onto the housing ladder and even more borrowers achieve their goal of home ownership, which we see as an important contribution to supporting home ownership, the housing market and the wider economy.”