23rd Apr 2008, by Andrew Barr

10 Yetis PR comments on Credit Crunch Financial situation

Mortgage approvals are down by 46% compared to the same time last year according to the British Bankers' Association, and down 18% on February - I'd hate to see this month's figures!

We all know that things aren't good, but I really can't see personally how I'm going to be able to mortgage for ages at this rate! Seeing as I'd be a first time buyer, I think my chances would be so slim of having a mortgage approved, that I may as well continue to rent, which isn't really ideal.

The Credit Crunch has really affected small businesses as well as demonstrated by our research for UnLtdWorld (check out the release here), which parallels with the statement from a BBA spokesman, who said that "all forms of lending, not just mortgages, were being restricted by the lack of funds".

Not surprisingly, the total value of the mortgages approved for house purchase, which now make up just 27% of all new home loans being approved, was 44% lower than in March last year.

On a lighter note, here's a picture of a pinecone.

I'd give it 8 out of 10.

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