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BoE releases Trends in Lending report Brits `prioritising debt repayment` "Sensible lending" needs to be restored for home buying Many households `to miss mortgage payments` Homeowners `increasingly paying off mortgage debt` Booklet produced for those facing mortgage repayment problems Local authority defends decision to offer 100% mortgages Mortgage lending levels `still low` CML welcomes campaign on repossessions Consumers `increasingly offsetting savings against mortgages` Banks `should be encouraged to provide more mortgages` Younger and richer people `benefiting more from mortgage reductions` Bank of England cuts base rate Negative equity `concerning UK mortgage holders` Interest rate cuts `were not anticipated by consumers` 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

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Consumers in the UK have been urged to take advantage of attractive mortgage deals before they are withdrawn.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advised UK consumers to take advantage of cuts in personal rates introduced by Moneyback Bank before they are withdrawn from the market, saying the reductions are part of a yo-yo strategy and prices are likely to rise again.

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