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The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.
Mortgage lending up in November
Published: 02/01/2009 |
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Mortgage lending improved in November, according to figures from the Building Societies Association (BSA). Despite an increase of £9 million on October, the amount loaned to borrowers (£419 million) was still significantly less than in 2008 (£719 million). Director general Adrian Coles said a depressed housing market, and recent figures that showed falling prices and weakening employment had hit confidence. However, he noted "the last three months have seen positive figures which suggests perhaps that the market is not deteriorating even further". Currently, mortgage rates are falling as are house prices. This combination should make home ownership more affordable, but has savers and current house owners worried. Savers now receive lower returns on their deposits and owners who borrowed money at the market's peak in late 2007, could face negative equity. The UK Insolvency Helpline has advised anyone who finds their property is worth less than they borrowed should seek advice from their lender.  |
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