- Friday, 13 March 2009Homeowners seeking help with debt could find they are less able to access more competitive mortgages than has previously been the case.
New figures from the Council of Mortgage Lenders show that, in the year to January, the number of loans approved for Britons moving house fell by 16,100 - more than half of its 2008 total
As 2009 began, the relatively small number of 14,500 loans to cover the cost of moving house were approved.
The Royal Institution of Chartered Surveyors notes that the fall comes in spite of an increase in households looking to buy property.
Stephen Thornton, senior press officer at RICS, says that the fall in lending for home purchases "clearly demonstrates the fundamental problem in the mortgage market at the present time".
He notes that enquiries from buyers have actually risen in the past four months "but there has been little follow-through on aggregate lending".
Britons whose access to help with debt has been worsened due to the tightened mortgage market could look to other avenues for credit relief.
One such option is to set up an IVA, which can put a clear schedule in place over which the full amount owed can be repaid.
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