UK Money News
14th April 2008
Brown calls on lenders to pass on cuts
The prime minister has called on mortgage lenders to pass on the benefit of cuts to the key base rate of interest in full.
Gordon Brown issued the call to mortgage providers in an article in yesterday's News of the World.
Mr Brown added that if the cuts are not introduced the government would consider bringing into force "new measures to ensure those lower interest rates are passed on to mortgage holders".
News of renewed calls for mortgage lenders to alleviate the repayment burden being faced by homeowners comes as the chancellor of the exchequer Alistair Darling told the BBC that funding will be made available to banks on the condition that it helps to "re-open the mortgage market".
Mr Darling has today called on the Council of Mortgage lenders to meet him next to discuss how best to tackle the slowdown in the property sector.
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