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The figures from Bank indicate that housing market is slowing down. The Association said that mortgage approvals fell in October. In September, mortgage approvals took place.

The recent spate of high interest rates amidst tightening loan conditions is very much responsible for the slowing down of housing market. The lenders have increased interest rates on secured loans, offset mortgages and personal loans. The cost of borrowing between the banks has also increased. October's data provide evidence of a rapidly slowing offset mortgage market and of consumers limiting their personal borrowing.

Pressure on household finances, the cumulative impact of interest rate rises over the last year, the expanded application of home information packs and the consequential impact of the credit crunch may well all have a part to play in suppressing current demand and supply.

In a crunch situation, the lenders are also looking for alternative ways to fund their offset mortgages lending. Some building societies have increased their savings rates to 7 per cent in order to attract more deposits.

For additional information on offset mortgage, contact Webmaster or visit http://www.offsetmortgagecentre.co.uk

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