The mortgages and loans market in the UK is experiencing turbulent times. The dreaded credit crunch means the banks are wary of handing out credit, and rising unemployment mixed with uncertainly of the housing market mean that the mortgages which are available are treated with caution.
The UK's housing market heyday is well and truly over. The top economists claim that they never saw it coming, and those same people are now claiming that it will all be over by Christmas. Yet those in the real world know this is not going to be the case. The country is in recession, and there is no sign of a light at the end of the tunnel. Brought on by a desire for freely available credit, the credit crunch now means that the current generation of house buyers is paying the price for past greed. Yet in true British style people are still complaining about the lack of credit, which is what got the country into this mess in the first place!
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For those who are in the unfortunate position of being first time buyers, the only solid advice that can be followed right now is to keep saving up a deposit. 12-48 months from now it is likely that house prices will be nearing the base of their trough, at which point it will be the perfect time to buy in terms of pricing. Furthermore, the mortgages and loans market will surely be in a better state than it is at present, reinforcing the timing decision on picking up your first mortgage.
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