This is a guest post to show what’s happening with mortgages on the other side of the Atlantic, from  Think Money (UK).

Think Money reports that the uncertainty surrounding the housing and mortgage markets has meant that fewer homeowners are relying on equity tied up in the value of their homes as a source of funds, recent figures have shown. 
The figures from the Bank of England showed that households had collectively paid £2.8bn ($4.5bn) into their homes in the April-to-June quarter, the first ‘negative withdrawal’ reading since 1998. In comparison, people took £5.2bn ($9bn) from their homes in the first quarter of 2008, and about £10bn ($17 bn) between April and June 2007, according to the BBC.

The rapid rise in house prices in the decade leading up to 2007 had made it easy for homeowners to withdraw from their increased equity. But the recent falls have meant that this is no longer a viable option for many mortgage holders. Speaking to the BBC, Howard Archer at Global Insight said: “Higher mortgage rates, markedly tighter credit conditions and falling house prices have increasingly reduced the attractiveness of, and scope for, housing equity withdrawal. 
“This reinforces our belief that we are in for an extended period of serious consumer retrenchment.” 
Think Money provides Mortgage Advice in the UK.

Free Mortgage Quote:

Get Best Advice from illinois mortgage broker

Contact Your illinois mortgage company Today

Find the Maximum FHA Loan Amount in Your Area Here illinois FHA loans

Are you Looking for first time home buyers loan ? Find Free Tips and Advice here

How to update yourself with Current chicago mortgage rates ? The Answer is here.

Looking for mortgage chicago il

Chicago FHA loans

We Offers illinois home mortgage Loans with best mortgage rates