Mortgage market 'may be stabilised' by Libor changes

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Mortgage market 'may be stabilised' by Libor changes

A spokesperson for Moneyfacts.co.uk has suggested that changes to the London Interbank Offered Rate (Libor) could help to stabilise the mortgage market.

Darren Cook's comments follow the British Bankers' Association's (BBA) announcement of a number of changes to the Libor, which sets the interest rate at which banks lend to each other.

It stated that from now on, there will be a larger number of contributors to the rate-setting panels, wide membership of the Foreign Exchange and Money Markets Committee and tighter scrutiny of the rates contributed by banks into the setting mechanism.

"Under current market volatility, tighter scrutiny of the BBA Libor rate contributors will strengthen views and confidence of this index as being a true reflection of current sentiments within the financial markets," Mr Cook said.

This in turn could benefit the mortgage market and help to increase product shelf-life, he added.
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