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Consumers in the UK looking to secure loans will be hit by the clamp-down on credit currently being seen across the world`s financial markets, an expert has said.
Writing in the Observer, Heather Stewart stated that mortgages have become more expensive and businesses are also finding it increasingly difficult to raise loans.
She went on to say that the majority of economists believe the current banking problems are only the beginning of a prolonged period of weakness.
Meanwhile, Howard Archer, UK economist at Global Insight, added: "Obviously, the credit crunch has deepened. The banks are going to be even more reluctant to lend and that`s going to make mortgages even more expensive."
Research published earlier this month by Legal & General suggested that, of those homeowners who were able to take out mortgages during the last quarter, 35 per cent selected variable-rate products, representing a rise of 11 per cent in the popularity of such products over the previous three months.
