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UK Mortgage lending falling

09/01/2008

With so much uncertainty in the UK housing market and interest rates fluctuating constantly of late, it is no surprise that potential homebuyers are thinking twice before committing to a mortgage.

Whether you fall into the category of first time buyers or you are considering taking out a bigger mortgage due to expanding family it seems the uncertainty of the economy has led to concern about making further financial commitments.

To reflect this uncertainty with mortgage lending, the housing market also seems to have slowed down, with figures showing clear slowdown in house prices across the country.  

This uncertainty is constant across various groups of people; new homebuyers are certainly thinking long and hard as an initial good deal on a mortgage wont last. When the mortgage deal has expired, new homeowners will be forced into often higher and unmanageable payments which can lead to a lot of stress and often cash shortfalls which can have serious implications if mortgage repayments are not met.

Even those homeowners who are on relatively decent incomes and have that extra disposable income at the end of the month are reconsidering. Whether it is that step up to the dream home or a remortgage for the desperately needed extension, even those who can afford the extra payments are seriously rethinking before committing. 

So with so much at stake if payments become unmanageable it is no surprise really that people are being extra cautious before making such important commitments. The uncertainty of the economy and fluctuations in interest rates have resulted in consumers loosing faith in what might happen next.


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