Government launches mortgage working group

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The government has announced the launch of a new working group which will advice it on options to improve the mortgage finance markets.

Announced by the chancellor of the exchequer Alistair Darling, the group is to consider how it can make changes to the mortgage-backed securities market, as well as assessing the current state of the sector.

The group is to be chaired by Sir James Crosby and will talk to lenders, investors and government authorities including the Treasury and the Bank of England.

Mr Darling said that problems in the global financial markets have raised "complex issues" about the mortgage sector.

He added: "This work will be an important contribution to stabilising the cost and supply of UK mortgages."

New research by Abbey found that the popularity of five-year mortgages in the UK is expected to increase.

The company stated that consumers may be looking for more certainty over a longer period of time by showing interest in the deals.

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