'Buy property now' for mortgage

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Those in a position to gain a mortgage should purchase a home soon in order to get finance for their new house, it has been claimed.

Judith Heywood, writing in the Times, has revealed that home loans may soon "dry up", leaving even those with a sizable deposit unable to gain finance.

The availability of mortgages is set to decrease as major lenders reduce the number on offer while they gauge the damage caused by the collapse of bodies such as Lehman, she commented.

Michelle Slade, an analyst with Moneyfacts, told the financial expert that it may take around two weeks for the falling markets to make a difference to consumers and therefore buyers should take advantage of deals available now.

Charlie Ellington, from Property Vision, explained to the newspaper that the company did not expect improvements in the mortgage market "any time soon".

Figures from the Council of Mortgage Lenders have shown home loan borrowing dropped to a three-year low in August - a month which is traditionally one of the most buoyant times of the year.

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