Darling and Flint to meet lenders

Chancellor Alistair Darling and housing minister Caroline Flint are thought to be meeting lenders today to address the issue of struggling borrowers.

Media reports suggest Darling will seek help from lenders in developing a plan to prevent repossessions skyrocketing in the coming months as borrowers come off cheap 2-year rates and face payment shock.

This comes on the back of a £50bn Special Liquidity Scheme unveiled yesterday by the Bank of England that will allow lenders to swap high quality residential mortgage-backed securities for Treasury bills.