Mortgage lending set to fall even further - but Darling insists Britain WON'T go into recession

Thursday, July 03 2008 This Morning 19°C This Afternoon 20°C 5-Day Forecast Mortgage lending set to fall even further - but Darling insists Britain WON'T go into recession Slowdown: House buyers are finding it harder to arrange mortgages Arranging a mortgage will continue to become more difficult in upcoming months as the credit crunch bites deeper, the Bank of England said today. Most lenders will carry on tightening their criteria for loans as more and more borrowers default on repayments, according to the Bank's quarterly Credit Conditions Survey. The warning came as Chancellor Alistair Darling insisted that was well placed to ride the credit-crunch storm. Nearly half of all banks said they had reined in mortgage lending during the three months to mid-June, with just over a fifth of lenders anticipating further cutbacks... [read full story]