Sharp fall in UK mortgage lending

Oh dear now what do we do? The council of mortage lenders (CML) has measured a sharp slowdown in the number of mortgages taken out between August and September a 12% dip.

"We have been expecting a slowdown in monthly lending levels in line with interest rate rises," said the CML's director general Mr Michael Coogan.

"In the comming months, we expect to see monthly lending levels dip below their 2006 levels for the first time this year as rate effects are exacerbated by the recent liquidity problems in the mortage market," he added.

Steve's comment - These measurements predate the Northern Rock news so expect more of the same.

What should we do?

Lets not panic just yet, a cool head is needed. If you are a buy to let person then the obvious thing to do is to check your rental yields. Home owners who already have a fixed rate mortgage, smile and go to bed happy in the knowledge of your own cleverness;-).

If you are comming towards the end of your fixed rate period, now might be a good time to start your research and look for a good deal. (note: The range of good deals are getting slightly harder to come by but they are still out there).

If you want some tlc and help from an impartial world class mortgage broker. Why not look us up.

Insider Mortage Secrets Report now available via the link

Warmest regards

Steve