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Mortgage completions falling
New figures show that mortgage lending is at it lowest point since 2002, which will not help the current economic slowdown.
Figures released by the Council of Mortgage lenders show the figures for completions in August totalled an estimated 21.8bn. This is a 12% fall from July this year, and a 36% from the same period last year.
With housing prices falling the fastest that they have in over four years, this completion figure is expected to decrease as lenders remain concerned with current market conditions, and with the possibility of more people falling into arrears as they have already seen with the problems within the UK and American market.
Lenders are looking at reducing the risk to their businesses by collecting arrears on outstanding mortgages before looking to fund further, and any loans are now being capped to ensure that the clients can afford the repayments.
