MPs committee set to take on mortgage lenders
A Treasury Select Committee is looking into the possibility of cross examining the U.K.'s mortgage lenders amid concerns regarding liquidity shortages and increased repossessions continue to mount. It is no secret that the UK mortgage market is still fairly illiquid even though many of the headline grabbing rate cuts would appear to show otherwise. There is also a growing trend for the repossession of homes where owners have fallen into financial trouble, even though the UK government had promised homeowners a period of grace in their times of trouble.
It would be interesting to see how the UK mortgage sector would react to a cross examination by the Treasury Select Committee as these have historically been fairly volatile meetings where awkward questions have and continue to be asked. Nobody quite understands how mortgage liquidity is still so low despite the fact that UK taxpayers have literally ploughed billions upon billions of pounds into the sector with many banks and mortgage lenders benefiting substantially.
Surely UK homeowners have waited long enough to see some benefit from this significant investment, at a time when many are crying out for financial assistance and the opportunity to climb onto the property ladder.
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