Changes introduced this week to the process that sets the rates at which banks lend money to each other could help instill some "stability" to the mortgage market, an industry expert has claimed.
Recently, the British Bankers` Association announced changes to the way the Libor rate - the rate of interest banks borrow money from each other - is calculated.
Tighter scrutiny of the system will be introduced, to avoid discrepancies, while more industry bodies will be consulted, in order to get a better view of the market.
As a result, Darren Cook, spokesperson for Moneyfacts, said that the UK mortgage sector could benefit hugely from the changes, which could perk up a flagging sector.
He added: "These measures could instill some stability within the mortgage market and hopefully increase the shelf life of mortgage products from its current 11 days to 30 days, where we were this time last year."
