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The British Bankers Association has revealed that mortgage levels are still at very low levels and approvals are still very rare – people are worried that there are still more downturns to come in the economic and housing market.

The latest figures from the UK's banks aren't good – the BBA says that mortgage lending was down nearly £1bn in just one month. And in part that's down to the fact that people aren't sure about the future – they are still sitting tight, hoping for the financial storm to blow over.

David Dooks, BBA statistics director says: "The house purchase part of the mortgage market appears to have stabilised, with slightly more approvals coming through, although April's weak net mortgage lending reflects the lower number of approvals in previous months.

"Households' uncertain financial circumstances not surprisingly continue to dictate consumer behaviour, both in the housing market and in generating only low demand for new personal loans."

If you are unsure about the future, you need a psychic. But if you are unsure about your financial future, you can do one better with a mortgage adviser. Go and visit one, or call one, or even email one today and listen to what they have to say, you might be surprised by what you hear.

SOURCE: BBA, 27/05/09

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