Downing Street Says » Mortgages

» Friday, March 28, 2008

Mortgages

Asked if the Prime Minister was concerned that some mortgage lenders were now withdrawing mortgages, the PMS replied that what was happening at the moment in the mortgage market was a reflection of the global financial situation; this was something that was affecting all countries around the world. The Prime Minister understood the concerns of mortgage holders at this time as a result of the difficult global financial conditions that we faced. Over the past couple of years we had taken some quite tough and not very popular action, in relation for example to public sector pay, in order to keep inflation under control. Inflation remained close to its target and that meant that the Bank of England had been able to cut interest rates several times in recent months.

Put that the markets were not responding, the PMS said that the Bank of England had been able to cut the base rate and that that partly reflected the fact that wage inflation had remained subdued, particularly in the public sector. Mortgage markets were affected by global financial conditions and what we were seeing at the moment was considerable uncertainty in global financial markets.

Asked if the Prime Minister was a mortgage holder, the PMS replied that it was not usual to comment on the Prime Minister’s individual financial arrangements.

Put that the Chancellor had a mortgage with Northern Rock, the PMS replied that the Prime Minister understood the concerns that mortgage holders had at the moment as a result of the difficult circumstances in the global financial markets.

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Mortgages

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