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CML: Mortgage arrears and possessions conference at the The Midland Hotel, Peter Street, Manchester, M60 2DS
Budget: Lenders need help
Chancellor Alistair Darling said it was "imperitive" that the government took action to help ease the difficulties facing mortgage lenders.
He announced that he would enter into talks with the Treasury and Bank of England to find a way to help lenders access stable, low-cost funding to help bring money market rates down quickly.
Further to this, Darling reaffirmed his commitment to long-term mortgage products, revealing that the area of the market had been the focus of a governmental review which demonstrated that first-time buyers and lower income families could really benefit from a reduced level of risk when taking out a 10, 20 or 25-year product.
He is to "seek views" on how to better promote the benefits of this area of the market, drawing on international experience - an announcement which provoked a loud reaction from his critics - with an intention to report back on this in his Pre-Budget Report in six months.
