Although house prices have been falling for almost a year in the UK many consumers are still unable to afford to purchase a home due to a variety of factors. Mortgages are in short supply at present, which is creating a problem. And whilst lenders have been cutting their interest rates recently the costs associated with mortgages, such as arrangement fees and deposit levels, are still very high, which is affecting affordability for many. On top of this lenders still have very tight lending criteria in place as a result of the effects of the global credit crunch, which has made it difficult for many to get their hands on an affordable mortgage. (more…)