Society

Darling wants lenders to pass on lower rates

Chancellor Alistair Darling will meet mortgage lenders on Tuesday to press them to cut the cost of home loans and look at ways of helping people refinance their mortgages.

Chancellor Alistair Darling will meet mortgage lenders on Tuesday to press them to cut the cost of home loans and look at ways of helping people refinance their mortgages.

Speaking in parliament on Monday after the Bank of England initiated its boldest move yet to help the economy through the global credit crunch, Darling said the plan would help resolve the problems in the wholesale financial markets.

"We are determined to do everything we can to help homeowners so I am meeting the Council of Mortgage Lenders, the Finance and Leasing Association and major lenders tomorrow," he said.

"I will be discussing how banks and building societies can help people whose fixed rate mortgages are coming to an end as well as helping people who may get into difficulties in repaying their mortgages."

Darling said he also wanted banks to start passing on the Bank of England interest rate cuts to their customers.

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