UK Money News
16th April 2008
Bank and lenders finalising property sector plan
Relief could be on the way for home buyers following reports that the Bank of England is close to finalising a plan to alleviate conditions in the housing market.
The Bank met with the chief executives of the UK's leading lenders earlier this week.
According to a report from the Financial Times, the summit resulted in proposals under which the government will take the banks' mortgage backed securities on its balance sheet in exchange for loans.
In return, the lenders, which included Lloyds, Barclays, HSBC, Royal Bank of Scotland and Nationwide, have pledged to be more willing to offer loans to borrowers to first time buyers who have been worst hit by the credit crunch.
News of developments comes as Mr Brown has repeatedly urged mortgage providers to pass on the benefit of recent rate cuts to borrowers in full.
Earlier this month, the Bank cut interest rates by 0.25 per cent to five per cent, in a move that had been interpreted as an attempt to address the slowdown in the housing market.
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