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Nearly half of young mortgage holders `need help from family` Abbey cuts mortgage rates New arrears guidance issued by CML Mortgage fraud `on the up` CML expresses concerns over sale and lease back schemes Business groups call for further rate cuts Interest rate cut `will help some struggling borrowers` Mortgage approvals `hit by continued market uncertainty` Company reduces rate of home loans Mortgage rates `to rise` Consumers `will be hit by reduced credit` `Nearly £20k` needed to secure a mortgage Borrowers urged to take advantage of good mortgage deals Mortgage lending falls in August Variable-rate mortgages `increasingly appealing to homeowners` Parents `relying on loans to cover school fees` Further mortgage rate cuts announced Remortgaging `on the rise` Mortgage lenders call for swap plan renewal Homeowners encouraged to shop around for mortgage deals

Borrowers urged to take advantage of good mortgage deals

22/09/2008

Consumers in the UK have been urged to take advantage of attractive mortgage deals before they are withdrawn.

Commenting on the current market volatility, Melanie Bien, director of Savills Private Finance, said that with the recent collapse of the Lehman Brothers and other well-publicised banking problems, home loans are likely to become increasingly expensive.

She said: "Confidence in the financial markets has once again been shaken and if this continues, with more banking names dragged into it, this will discourage lenders from lending to one another, pushing up the cost of borrowing in the money markets," the Times reports.

In turn, this could result in higher mortgage rates, which may be particularly unwelcome news for consumers already struggling with high level debts.

Recently, uSwitch.com advised UK consumers to take advantage of cuts in personal rates introduced by Moneyback Bank before they are withdrawn from the market, saying the reductions are part of a yo-yo strategy and prices are likely to rise again.

Christmas spending slowdown expected 13/11/2008 - Christmas spending is expected to stagnate this year, as consumers Christmas spending ‘will fall’ 13/11/2008 - Christmas spending in the UK will fall by 2.6% to Credit cards: UK interest rates almost double US rates 13/11/2008 - The average British credit card is charging interest at 17.6% Recession ‘to last well into 2009’ 13/11/2008 - The Bank of England has said that the UK economy