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Due to the recession the world economy crashed with an enormous speed. Although the situation is getting better this year there are still lending and financial problems in well developed, industrial countries. After the latest reports, mortgage lending in the UK is still falling. In December bans have provided 46,000 loans, which during one month dropped to 35,000 in January. But the situation has improved in the latest months.

Due to the report of Bank of England in January the total net lending to individuals rose by £2 billion together with the rate ticket for 12 months, which is 0.8%. The number of loan approval for house purchase was lower in January than in December (48,198), but the consumer credit rose by £0.5 billion compared to the net repayment of £0.2 billion of the previous six month average. Loan approvals for remortgaging and for other purposes were also lower than the respective six month averages, the first being 23,611 the other 23,035. On the other hand, credit card lending has increased by £0.2 billion and also by £0.3 billion other loans and advances. There has also been an increase in the three month annualized growth rate to 0.7%.

In total, above the December increase of £1.2 billion the net lending secured on dwellings increased by £1.5 billion, which is larger than the precious six month average of £1.0 billion. So the situation is not as bad as it seems at first sight, but there are still troubles with lending and problems to solve. One of the problems is, after Catherine Hearnden, director of MyMortgageDirect connected to mortgage loans is that people have taken out large loans so they can buy furniture and do things to improve their life, but they cannot understand that they have to pay the money back. She encourages people to start saving up for a deposit, at least 5%, because mortgages are not handled in on a plate. As soon as people will understand this and have a realistic picture about mortgages banks will bend to the pressure and start lending.