Mortgage lending still on the slide
Mortgage lending has continued to worsen over April after hitting an eight year low in March of this year, according to a Bank of England report.
Total mortgage advances during March were the lowest since February 2001 and Britain’s major lenders said lending fell further April, according to the Bank’s second Trends in Lending survey. It is suggested that the fall in lending during the last eighteen months has been fuelled by a poor level of re mortgaging activity, as home owners opted to stay on their lender’s variable rate when their existing deals had expired.
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One Comment on Mortgage lending still on the slide
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Oliver Darraugh on
Sat, 15th Aug 2009 4:51 pm
While interest rates at the moment are at some of the lowest to be seen in a long time many are still struggling to continue meeting their mortgage and other debts. While those who took the tracker option are fairing well and enjoying around 11% more income, those who opted for the fixed rate are losing out and are looking to long term ways of clearing their unsecured debts, at least. If you are one of these then contact a debt specialist and run your debt questions by them.
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