Debt Management – Mortgage Approval Plummets
Buying a house is invariably the largest financial burden that we will impose upon ourselves but, according to new research by the Royal Institute of Chartered Surveyors (Rics), the debt management crisis in the UK has seen the number of mortgages approved drop significantly month on month. It is noticeable that as a result of tighter lending criteria and the general lack of affordable mortgages, many are now being prevented from getting on, or further up, the property ladder as debt management capabilities are being increasingly scrutinised before mortgages are being approved.
Debt Management – Cause for Concern
According to the research from Rics, there is a growing level of concern amongst the property industry about the debt management implications that may well result from the current dearth of mortgages on the market. The latest data from the Bank of England revealed that in May 2008, there were only 58,000 mortgages given the go ahead and when you compare this to the 117,000 that were approved at the same time last year, it isn't difficult to see what a profound affect the credit crunch and the resulting debt management problems has had on mortgage approval rates.
Debt Management – Widespread Implications
The lack of mortgages being approved is predicted by Rics to have more widespread financial implications for the economy. In an environment where people are already struggling to remain in control of their debt management plans, any further obstacle to financial freedom will certainly be problematic. Financial expert, Simon Rubinsohn of Rics, states, “A collapse in transactions of this magnitude has major implications both for consumer spending and a wide range of ancillary industries.” As people's financial worries become more profound, many are expected to seek expert debt management advice from financial specialists as they seek to become debt free in 2008.
Speak to Kensington Finance about Debt Management
Kensington Financial Management Consultants Ltd is a total finance solutions company helping people all over the UK. We speak financial sense. We will allocate you a friendly advisor who will chat through your current situation and formulate a plan for you without obligation. Let us work out a financial solution based on your individual circumstances. It's our aim to help everyone who contacts us. With debt solutions from debt management and IVAs, mortgages & re-mortgages, secured & unsecured loans and advice and information for debt consolidation, bankruptcy and Trust Deeds, we can help. It really is worthwhile giving us a call or applying online today for a confidential chat with one of our friendly advisors. Call FREE on: 0800 096 4409.