The havoc underway in global credit markets, as a result of the collapse of the US subprime mortgage lending market, is beginning to have a major impact on the UK mortgage market . The sub-prime crisis has had a delayed impact, so far affecting several mortgage lenders including Northern Rock . However, fresh reports indicate that the scale of the problems is yet to be fully felt.
The Bank of England last week released data on the slump in mortgage approvals in October compared to September figures. The BoE commented that getting a mortgage loan could become more difficult as lenders restrict their lending criteria.
The Council of Mortgage Lenders also joined in the warnings, reporting a lack of funds for new mortgages if things stay on the same path. A Nationwide survey further reiterated the situation by claiming that rates slumped last month at their fastest rate since 1995.
With many borrowers facing extensive repayment shock when they come off their fixed-rate mortgage loans, considerable difficulties may remain ahead.
Impending mortgage crisis
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