28 Aug

New proposals for mortgage market

New proposals for mortgage market

The Liberal Democrats have announced a series of new proposals aimed at tackling housing issues in Britain, including measures that could improve the mortgage market.

Vince Cable, the party's Treasury Spokesman, said that those with mortgages should be given extra protection against possible repossessions should they run into difficulties, with this being achieved through the establishment of a new banking code of conduct under which such a move would only be the very last resort.

Mr Cable stated: "Ministers must act to help the thousands of families struggling to keep a roof over their heads."

Were the government to adopt such proposals, the effect could be a positive one as those taking out mortgages could do so with greater confidence that their investment would not be at high risk.

The government has insisted it will not announce new plans for the property market until its November pre-budget report.

It has refused to confirm or deny that stamp duty will be an area affected by these plans.

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