One of the leading economists with the IMF warned today that the mortgage United Kingdom market as well as the US may be facing the greatest financial challenge since the Great Depression. Although things have not reached quite the same level as they did in the 1930’s, if the housing crisis continues much longer, the risks that the world could enter a depression are increasing. For those with a mortgage United Kingdom loan, experts are encouraging refinancing if possible to stave off foreclosure. That may not be possible for all mortgage United Kingdom holders as banks tighten up restrictions and turn away customers. Banks are even stopping offering mortgage United Kindom loans for the time being, which may make the situation worse in the long term.”In the UK there are a number of factors both domestically and externally holding back the economy. We do see house prices softening and we see potential for that to continue, with an impact on consumption.”We also see the UK affected by the tightening in financial constraints related to the turmoil in the financial market. It will also be affected by the slowdown in the U.S. and the euro area,” IMF chief economist Charles Collyns cautioned.
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