Tuesday, Apr 22, 2008
How Surprising
Daily Telegraph: Mortgage costs unlikely to come down despite Bank of England's £50 billion bail-out
Mortgage costs are highly unlikely to fall despite an unprecedented £50 billion emergency bail-out for Britain's banks and building societies, homeowners have been warned.
This will be exacerbated by GB/AD asking the lenders to be soft on those who fall behind. This will cost the lenders and that extra cost will need to be soaked up from everyone else.
Posted by renting2 @ 07:37 AM (346 views) Add Comment
4 Comments
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1. Landedgentry said...
What a blow to fat stuartz, wasn't he counting on this to revive the market for summer?
2. growler said...
that <> being the other borrowers who will pay higher rates as the Abbey has already shown by example. A few months of that and the money's back in. Business is business - regardless of Darling Brownnose' procrastinations
£50bn is a drop in the ocean and a political load of cobblers
3. hpwatcher said...
I think the US subprime will be the catalyst which kicks off the UK subprime....and a far bigger and far nastier mess it is likely to be.
4. Ijjhall said...
British Banks or their apologists have been saying for months that unlike their US counterparts they have acted responsibly/prudently over the last decade and were being 'punished' by the lack of liquidity help they were getting from the BOE in contrast to the Fed/Ecb assistance. Bit like Brown/Darling blaiming it all on the yanks. Good to see Mervyn King finally put them right - 'rather wild lending..' Does he read this site ?