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Write off up to 75%
with help from
Government Legislation

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Banking groups look to have been given a significant boost to their liquidity but borrowers have been warned to keep a close eye on their own finances.

David Kuo from Fool.co.uk has said that credit consumers need to remain vigilant and concern themselves with their own money problems in the wake of news that the Bank of England is allowing lenders to swap mortgage debt for government bonds.

Mr Kuo suggested that it will still be up to individuals to solve their own debt management problems and to secure the best credit deals on the market.

Banking groups are answerable to their shareholders and not to the government, regardless of the extent to which the chancellor Alistair Darling decides to "nationalise mortgage risk", he said.

"Consequently, borrowers will need to demonstrate that they are good credit risks if they want the best interest rates," the price comparison expert added.

Last week, the Council of Mortgage Lenders made clear its view that the UK’s housing market has been "rapidly worsening" over the course of the past few months.

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