The current mortgage lending climate is making it more and more difficult for people to obtain a mortgage. This applies to both residential and commercial mortgage products. The lenders are much more cautious to lend money to borrowers and with the virtual disappearance of the bad credit mortgage product means that a borrower has to be almost perfect in his finances to borrow money.

With so little liquidity in the system, the property market has taken a downturn and it may be a good while before property prices return to previously seen levels. Investors are moving their money abroad to higher value property markets such as Egypt property market.

So for those looking to get a mortgage in this market, the message is to make sure you get your credit history clean before you apply for a mortgage. Work with a good mortgage broker to ensure that you get the best deal. Finding a good mortgage lender by your self can be difficult so seek advice from a good and independent mortgage broker. This will not only save you time in searching for the right mortgage, but will also potentially save you a considerable amount of money in case of choosing the wrong mortgage product.