Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

UK asset backed scheme fails

By Staff Reporter
15 July 2009 | 1 minute read

A government scheme to kick-start the UK mortgage market is not working, MPs have said.

Advertisement
Advertisement

The £50 billion ($104 billion) asset-backed scheme, announced in the country’s budget, provides guarantees on lenders' mortgage-backed securities – a step that enables them to sell on mortgages to investors, raising new money to lend to consumers.

But restrictions on which institutions can take part, and the types of loans that it covers, meant that it had so far experienced limited success, the MPs said.

Latest figures show that mortgage lending picked up in May. But the number of home loans was still 28 per cent lower than a year ago, according to the Council of Mortgage Lenders (CML).

UK asset backed scheme fails
default
lawyersweekly logo

Tags:

Listen to other installment of the Real Estate Business Podcast
Do you have an industry update?

top suburbs

12 month growth
Travancore
49.78%
Timboon
49.57%
Dolphin Point
49.51%
Nyah West
49.42%
Preston Beach
49.29%
Newington
48.97%
Killcare Heights
48.89%
Wundowie
48.77%
Homebush
48.44%
Glenside
48.28%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.