THESE are difficult days for homeowners. The challenges of a downward-spiralling market, together with the end of fixed-term mortgages, are proving a burden many are struggling to cope with.

So news that Chancellor Alistair Darling is preparing to get tough with mortgage lenders cashing in on hard-pressed borrowers coming off fixed-rate deals this year should be welcomed.

For, as the Chancellor reveals on today’s front page, he has ordered lenders to slash fees to arrange a mortgage and stop “taking advantage” of homeowners.

It cost about £400 in 2006 to set up a two-year fixed-rate deal. Now an arrangement fee of £1,000 is common, with charges of up to £2,500 for borrowers considered less creditworthy.

And banks and building societies are able to manipulate where they appear in best-buy tables by appearing to have low interest rates when the stark reality is that their charge has switched to the arrangement fee.

But the gravy train looks as though it is about to come to a halt.

It is unjustifiable that those in financial difficulty – already struggling to cope and perhaps in danger of losing their homes – face even stiffer fees.

Lenders will no doubt resist moves to rein in their runaway fees but this seems to be no idle threat either – if they do not comply with this, they face investigation by the Financial Services Authority.

Of course, as figures show today, the action will come too late for some. Wirral Council has reported a 100% increase in the number becoming homeless over the past three years, due to mortgage arrears.

Merseyside estate agents Sutton Kersh said about 20% of its current auction catalogue was repossessed property.

So it is certainly time for action. And with financial pressures expected to continue for at least another 12 months, Mr Darling’s positive action may well be something voters remember when they go to the polls for the next general election.