Lenders promise fair play in current climate

Posted: 23 Apr 2008 11:05:57 GMT

The chancellor of the exchequer has held a meeting with senior government ministers and prominent figures from the mortgage industry.

The chancellor of the exchequer has held a meeting with senior government ministers and prominent figures from the mortgage industry.

Top of the agenda was looking into ways that lenders can help borrowers in the current economic climate.

Alistair Darling was joined by other government members Yvette Cooper, chief secretary to the Treasury, and Caroline Flint, the housing minister.

Following the meeting on April 22nd, mortgage lenders promised to treat customers fairly and look into ways of helping those who get into difficulties.

One idea is to identify people who may get into difficulty as early as possible so that they can receive the help they need.

"The government is taking coordinated action, internationally on regulation, in the London markets through the action of the Bank of England, and also today with the CML [Council of Mortgage Lenders] and the FLA [Finance and Leasing Association], to ensure a fair and well functioning UK mortgage market," commented Mr Darling.

"I welcome the arrangements that the industry has in place, and will continue to build upon, to address the concerns of borrowers in difficulty.

"I hope that lenders continue to take their responsibilities towards customers seriously," he continued.

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