BoE 'to assist mortgage market'

16-Apr-2008

The Bank of England (BoE) is planning to intervene in the mortgage market in order to ease the burden on lenders and borrowers, which may be of note to first-time buyers.

According to the Financial Times, the BoE hopes that such a move will stop smaller companies from being unable to offer new products to property buyers.

The BoE aims to remove some mortgage loans from lender balance sheets, in order to reduce the strain of the credit crunch on the market, according to the report.

Bank bosses reportedly told prime minister Gordon Brown at a meeting yesterday that government intervention would be necessary to keep many small firms lending and help those struggling to find mortgage offers.

The government recently developed a working group which aims to consider what improvements can be made to the mortgage market.

According to the Association of Mortgage Intermediaries, consumers may struggle to find good property deals without the group's analysis of the sector.

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