UK Money News
7th March 2008
Chancellor urged to boost mortgage market
The chancellor, Alistair Darling, has been urged to boost the mortgage market by announcing new measures in his Budget next week.
Mr Darling is widely expected to take some action after the credit crunch and the collapse of Northern Rock shook the industry to its foundations.
Ahead of the Budget statement next week, the Association of Mortgage Intermediaries (AMI) has been lobbying for specific measures.
Among its proposals are changes to the stamp duty thresholds and a rethink of planned adjustments to capital gains tax.
"We believe the government should provide a boost to the market and support to consumers who will face a difficult period with tens of thousands of people coming off fixed rate loans in the next year," said Richard Farr, AMI director.
The current climate is less hospitable to borrowers than it has been over the last decade, with risk-averse lenders putting up their rates and cutting their loan-to-value ratios.
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