UK Money News
21st April 2008
Government mortgage plan will brings only short-term relief
Government plans to alleviate the impact of the credit crunch on the UK housing market will have only limited impact, it has been claimed.
Under plans set to be announced today, the chancellor Alistair Darling is set to take £50 billion of UK lenders' mortgage backed securities onto the Treasury's books in return for government bonds.
In return, the lenders will pledge to relax their lending criteria, making home loans easier to secure.
However, according to David Kuo, head of personal finance at Fool.co.uk, any improvement in the plight of first time buyers that does result from the plan is likely to be short-lived.
He said: "The Bank of England's scheme to allow high-street lenders to swap mortgage debts for secure government bonds will only provide temporary respite for borrowers.
"£50 billion represents less than five per cent of total mortgage lending, and banks are unlikely to relax their recently self-imposed stringent lending rules."
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