Financial news categories
Financial news archive
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
Darling moves to bring down mortgage costs
07 February 2008
Chancellor of the Exchequer Alistair Darling has promised measures that could help bring down the cost of mortgages.
He said he would try to find measures to attract investors to credit markets, the source of funding for mortgages.
Speaking the day before the Bank of England Monetary Policy Committee's interest rate decision Mr Darling said he would introduce a rating system to instil confidence in UK lenders.
He said: "To increase transparency and improve investor confidence, the government will consult on a new 'gold standard' for covered bonds and mortgage-backed securities, which will help not just the housing market but wider economic growth in these uncertain times."
The government has not yet decided whether the industry will be left to regulate the standards, whether the Financial Services Authority would oversee it, or if an independent body will be set up.
One consequence of increased investment into mortgage lenders could be that the price of mortgages will drop.
