So the BOE deal has been announced this morning.
On face value it looks OK. Banks retain exposure to mortgage losses, but get a cash injection now.
It will hopefully lower mortgage rates to some degree, but it will do nothing for lender's risk lending profile.
Take a moment to think of the many hundreds of thousands of borrowers with a bad credit history who were encouraged to take a sub prime mortgage to buy a property.
These sub prime mortgages have vanished in the last few months and any of these borrowers coming off deals, will not be able to refinance them on any kind of deal. They will find themselves paying their lenders standard variable rate which will be around the 8% figure.
This represents a huge increase on the 5% fixed rates they were being offered a couple of years ago.