Bank of England urged to back mortgage lenders
Despite the Bank of England today directing £10 billion towards UK lenders, pressure grows for the Bank to offer greater backing to financial markets.
The £10bn billion cash injection follows similar moves by the US Federal Reserve and European Central Bank to shore up ailing financial markets.
However, the Association of Mortgage Intermediaries recently turned to the Far East for additional funds, which has led many to call for greater action from the Bank.
Mortgage lender Abbey, owned by Spanish financial giant Santander, is expected to benefit from greater support from the European Central Bank [ECB], and Ray Boulger of John Charcoal told Citywire today that The Bank must now follow suit.
"The Bank of England is continuing to adopt a policy which says the lenders have created this problem and need to be punished," he explained.
"Whereas the ECB and the Fed have recognised the seriousness of the problem and are prepared to pump money into the system to mitigate the problem."
Despite this, [Mr] Boulger stated that the £10 billion cash boost was good news for lenders as it showed that funds could be made available.
'Mortgages for Professionals is a specialist mortgage broker offering a whole-of-market choice of all UK lenders. We provide a service dedicated to individuals with professional qualifications and high
projected earnings – from doctors and dentists, to accountants and engineers'
The £10bn billion cash injection follows similar moves by the US Federal Reserve and European Central Bank to shore up ailing financial markets.
However, the Association of Mortgage Intermediaries recently turned to the Far East for additional funds, which has led many to call for greater action from the Bank.
Mortgage lender Abbey, owned by Spanish financial giant Santander, is expected to benefit from greater support from the European Central Bank [ECB], and Ray Boulger of John Charcoal told Citywire today that The Bank must now follow suit.
"The Bank of England is continuing to adopt a policy which says the lenders have created this problem and need to be punished," he explained.
"Whereas the ECB and the Fed have recognised the seriousness of the problem and are prepared to pump money into the system to mitigate the problem."
Despite this, [Mr] Boulger stated that the £10 billion cash boost was good news for lenders as it showed that funds could be made available.
'Mortgages for Professionals is a specialist mortgage broker offering a whole-of-market choice of all UK lenders. We provide a service dedicated to individuals with professional qualifications and high
projected earnings – from doctors and dentists, to accountants and engineers'
