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With widespread concerns over the stability of the housing market escalating in recent months, new statistics have shown that approval rates for mortgage loans fell by 50 per cent during March 2008.

According to the British Bankers Association, figures for all major high street banks showed a downturn in the availability of mortgage loans, with personal loans also being reported as weakening. Total figures for mortgage lending among all major banks stood at 5.1 billion pounds, down from 5.5 billion pounds in February. This amounts to just 35,417 new mortgages being approved during the course of the month, an 18 per cent decrease from the previous month. Consumer credit approvals also fell by 200 million pounds to stand at 500 million pounds.

The decline in mortgage loan availability was experienced across all forms of applications, with approvals for house purchases standing at its lowest level since 1997. Furthermore, close to 50 per cent of successful applications came from homeowners looking to secure remortgaging deals, although fewer of these types of loans were successful than in previous months.

Over the period of the month, 2.7 billion pounds’ worth of new personal loans were approved, a stable figure against February’s result and up 100 million pounds from the previous six-month average. The BBA reports that consumer spending has shown signs of recovery in early 2008, with deposits now in line with long-term averages. During the final quarter of 2007, total UK deposits fell to below one billion pounds, with this month’s figures showing a climb towards three billion pounds, slightly above the trend trajectory.

BBA statistics director David Dook’s said of the latest data: “The consequences of low banking sector liquidity show up clearly in March data; reduced product ranges and tighter criteria resulted in slower mortgage lending and significantly fewer loan approvals. Pressures on personal finances are also constraining demand, not only for mortgages, but also for personal loans and borrowing on cards.”

Elsewhere, Simon Rubinson, spokesperson for the Royal Institution of Chartered Surveyors, told the BBC: “The tightening in the credit crunch is continuing to take its toll on the residential property market … The Bank of England’s latest ’swap’ arrangement with the banking sector should help provide a little more liquidity for lenders but is not going to turn around the current challenging environment overnight.”

The Bank of England has recently announced a relaxation in the types of securities it will accept as collateral in an effort to encourage borrowing among mortgage providers. The BBC reports that even if such measures are successful, it is unlikely that consumers will be able to obtain mortgage loans of 100 per cent of property value or more, as was the case last year. It predicts that a ten per cent deposit on all mortgage loan applications is likely to become the norm for homeowners. For people struggling to save money towards their deposit, a personal loan may be of assistance in helping to produce the funds necessary for an application.

The BBA figures follow an announcement by the Bank of England monetary policy committee earlier this month of its decision to cut the base rate of interest a quarter of a percentage point to stand at an even five per cent. It was the second rate cut of the year so far.

Giving temporary finances to customers is a very common business in today’s society and has given the liberty to company leaders to gain quite a bit of money in return. There are many different kinds of businesses that have been created that specifically deal with the maintaining and regulating of people’s money. Such regulations have become very complex and can either entrap people financially or greatly increase the amount of income that a person makes.The most popular method for companies to lend out money to customers is through the regulation of loans. There are several various kinds of loans that exist and they vary depending on the type of things that people want to purchase. These various things can be cars, electronics, property, and houses.

The money that is lent out to different customers who have the desire to purchase a home is defined as mortgages, which include some of the biggest loans that are available. Mortgages allow people to buy a house without having to pay the enormous cost of it up front, but rather allow them to pay it off throughout the course of the next several years. Businesses earn their money by giving out mortgages that have high interest rates and fixed fees that are attached to them and increase as time goes on.

Many different kinds of house mortgages are present in today’s society and they are not too difficult to understand. Over the past few years, however, businesses and corporations have created a new type of loan that they refer to as a reverse mortgage. A reverse mortgage is not necessarily a loan but rather a type of payment method that rewards the buyer rather than the lender.

Reverse mortgages were created and implemented only a little bit ago and were created to help people who have retired and stopped working, but still have to make monthly mortgage payments. The federal government created the first reverse mortgage and implemented it into action throughout the United States. Basically, the only people who can apply for reverse mortgages are people who are already retired or people who are getting ready to retire.

These kinds of loans are fairly simple easy to obtain if you qualify for the age requirement and the benefits are well worth the complex process of going through the federal government. Reverse mortgages, once they are obtained, allow homeowners to receive cash from the amount of equity that builds up from the market value of the house. The federal government converts the built up equity into cash that the buyers can use to pay off the mortgage once they are retired and no longer work.

This is quite a remarkable program and works well with other retirement benefits such as social security and other financial retirement plans. Reverse mortgages also help protect home buyers from missed mortgage payments that sometimes occur because of the lack of income. These types of mortgages are also insured and protected by the federal government, which provides a great sense of security for those who qualify.

Last month’s slowing in mortgage lending could spell bad news for borrowers, one firm has claimed.

Price comparison service money supermarket has asserted that the mortgage industry is shrinking – meaning that lenders are looking elsewhere to cut costs and increase profits, including in lending such as personal loans.

The company was reacting to the latest figures from the Bank of England, released yesterday, which reveal that net lending to individuals last month stood at 11.2 billion pounds. While the figure is higher than August – and exceeds the previous six-month average – the growth rate remains unchanged suggesting a slowdown in the sector. Annual growth maintained at 10.0 per cent, while the three-month annualised growth rate rose only slightly, by 0.1 per cent to 9.6 per cent.

Commenting on the figures, money supermarket’s head of mortgages, Louise Cuming, remarks: “The Bank of England figures prove the mortgage industry is a shrinking market. The lack of growth is bad news for both the mortgage market and the economy as a whole. The credit crunch has made lenders increasingly risk-averse with many withdrawing higher risk products, for example sub-prime loans and high loan-to-value products. We have also been in a rising interest rate environment and both these factors have dramatically constricted the market.”

Mrs. Cuming added that there were likely to be a number of side-effects from the slowdown in the mortgage market affecting those looking for personal loans or cheap loans. Firstly, the need to maintain profitability is likely to push up the costs of secured loans and other traditional products. This is because high-risk lending to the sub-prime market, prior to the credit crunch, had been a highly profitable “cash cow”, she explained, with the interest revenue now needing to be raked in from other products. Additionally, personal loan lenders are likely to be cutting back on investment and staffing costs.

Furthermore, the number of best rate loans available is also likely to be reduced, with some sectors finding it increasingly difficult to source appropriate products.

“Consumer choice is being eroded as for some people there are few, if any, products available. Also, what is open to them will come with a significantly increased price tag. I fear we will start to see rising arrears and repossessions,” Mrs Cuming continued.

She concluded by reassuring consumers that eventually the market will regain stability and normality will return, but warned that in the meantime borrowing is likely to become more expensive and lessons will have to be learned about the risks involved in sub-prime lending.

Over the summer, the Council of Mortgage Lenders warned that while interest rates may have reached the peak in their cycle, consumers should not expect an easing in their financial situations any time soon. With the continuing demands of utilities bills, mortgage repayments and other demands on personal finances stretching affordability to the limit, pressure is likely to continue impacting on household budgets. The CML was reacting to figures revealing a slowing in the level of lending to first-time buyers, symptomatic of a wider slowing in the housing market.