Mortgage market 'regains optimism'

23-Apr-2008

The Bank of England's Special Liquidity Scheme has restored some optimism back into the property market, it has been claimed.

Sir Peter Burt, a former deputy chairman of HBOS, has stated that he feels positive about the future of the mortgage situation in light of the announcement, which could be good news for first-time buyers.

On Monday (April 21st), the Bank announced that it would allow banks to swap mortgages for UK treasury bills for a limited period, in a bid to free up the money markets and encourage banks to start lending again.

Some £50 billion has been allocated to the scheme and Sir Peter said he is confident it will help restore the ailing market.

Talking to BBC Radio Four's 'World at One' programme, he said: "I am very optimistic because the Bank of England has said that if £50 billion is not enough, they will put more in.

"I think from that point of view there will be an increasing volume of money and the liquidity should start to cease to be a problem."

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