BoE plans “welcome for home buyers”

The Bank of England (BoE) has created a £50 billion plan to prevent damage to the UK’s banking system, something that may come as a relief to people looking to buy a house in Scotland.

Revealed yesterday, the plans will see potentially ‘risky’ mortgage debts being swapped for government bonds, the BBC reports.

Chancellor Alistair Darling backed the proposals, stating that they would help resolve difficulties in the credit market.

The move has received a positive response from some market commentators, including the Home Builders Federation (HBF).

Stewart Baseley, executive chairman of the HBF, commented: "The Bank of England is to be applauded for taking action.

"At a time of market uncertainty measures such as this are extremely welcome for home buyers."

Househunters looking to buy a Scottish property may be happy to hear that the Council of Mortgage Lenders is meeting with Mr Darling today (April 22nd) to discuss ways of helping borrowers further.