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Struggling mortgage holders `should seek advice` Remortgage enquiries `rise in June` Mortgage approvals `up in June` UK mortgage market remains weak, CML says Consumers `should avoid lying on mortgage applications` BoE releases Trends in Lending report Brits `prioritising debt repayment` "Sensible lending" needs to be restored for home buying Many households `to miss mortgage payments` Homeowners `increasingly paying off mortgage debt` Booklet produced for those facing mortgage repayment problems Local authority defends decision to offer 100% mortgages Mortgage lending levels `still low` CML welcomes campaign on repossessions Consumers `increasingly offsetting savings against mortgages` Banks `should be encouraged to provide more mortgages` Younger and richer people `benefiting more from mortgage reductions` Bank of England cuts base rate Negative equity `concerning UK mortgage holders` Interest rate cuts `were not anticipated by consumers`

Mortgage lenders call for swap plan renewal

05/09/2008

In an open letter to chancellor Alistair Darling, the Council of Mortgage Lenders (CML) has called for a renewal of the Special Liquidity Scheme.

The scheme, which was introduced by the Bank of England (BoE), enables banks and building societies to swap on a temporary basis assets that are currently illiquid in exchange for Treasury Bills.

In requesting the continuation of the initiative, the CML said it is hoping to revive the property market in the light of ongoing banking problems.

Director-general of the organisation Michael Coogan wrote: "We believe that an early announcement of the renewal/extension of the Special Liquidity Scheme and any other measures being planned will help to resolve market uncertainty."

In other news that may be of interest to people seeking to remortgage, figures produced recently by the BoE revealed a 71 per cent fall in mortgage lending between July 2008 and the same month last year.

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