Chancellor Alistair Darling has confirmed that the prospect of a government-backed 'gold standard' mortgage security is still on the political agenda.
During his Budget announcement to MPs, he confirmed that a working group will be established to examine the feasibility of a kite mark scheme.
Mr Darling envisions a time when all mortgages in Britain are graded, with the least risky given a seal of approval by ministers.
Peter Williams, the executive director of the Intermediary Mortgage Lenders Association, said it would be pleased to provide its expertise.
He added: "However, we note the working group is expected to report in the summer of 2008 and specific measures will not be announced until the pre-Budget report in the autumn - that is far too long to wait and we believe progress can and should be made on this matter more quickly."
The British Bankers Association has cautiously welcomed the chancellor's announcement but warned that people with adverse credit histories could be stigmatised.
See Also: Property News (6705)
Date Published: 13 March 2008
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