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Paul Aitken, Founder and CEO of BORRO said, “We allow people to lend themselves money through the temporary release of equity from their personal assets - all from the comfort and convenience of their own home. Our approach allows us to keep our interest rates extremely competitive, ensuring that we offer radically better value than an unplanned overdraft or a payday loan.

The added benefit of our service is that our customers have no risk of accumulating bad debts. If they can’t or choose not to repay their loan, BORRO sells the items they have pledged to repay the loan and returns any excess proceeds to the customer. This means that the consequences of not paying off a loan are very clear - and that it is impossible for our customers to build up any bad debt through taking out a BORRO loan.”

Melanie Bien, from Savills Private Finance stated, “The Bank of England’s decision to hold rates at five percent this month comes as no real surprise although there was an outside chance that there might be an increase. Despite seven of the Bank’s nine-strong Monetary Policy Committee (MPC) voting for a hold in July (with one voting for a rise and one for a reduction), significant hikes in energy prices over the past couple of weeks are likely to fuel inflationary pressures. With inflation already running at 3.8 per cent against a government target of 2 percent there was always a possibility that the MPC would raise rates in order to rein back inflation.”

Bob Pannell, CML head of research, said: “While there was a small month-on-month increase in activity, it represented a notable decline from a year ago. This continues the weaker picture seen in June and points towards the more subdued levels of lending we are likely to see in the second half of 2008.”

Consumers seem to be feeling the effect of the current economic situation,” said Lee Raybould, head of savings at Nationwide. “Consumers may find if situations get tougher, they won’t have any savings to help them through harder times.”

“Many consumers may not realise what a negative effect this is having on their savings.” said Michelle Slade, analyst at Moneyfacts. “In real terms, inflation is not only eroding returns on the investment, it is also depreciating the original capital invested.” Ms Slade added.

Darren Cook, mortgage expert at the site, said: “Research conducted by Moneyfacts.co.uk has shown that some lenders have increased rates and fees and not brought either back down. Other lenders have reduced rates but increased fees; some lenders have switched from charging a fixed monetary fee to offering a percentage fee.”

“At a time when mortgage financing is in short supply, when deposits are being raised, there’s a lot more focus on other costs of buying a house,” RICS Chief Economist Simone Rubinsohn said. “Every pound matters. If people suspect that stamp duty may be suspended, that is a disincentive to move on any potential purchases. It could have quite a big impact on buyers’ psychology.”

“While we welcome the fact the government has acknowledged that there is a problem in the marketplace by commissioning this report we are concerned that the report is not placing a heavy emphasis on immediate action to help ease the significant problems in the mortgage market,” explained Peter Bolton King, NAEA chief executive.

“Crosby states he is looking ‘with some urgency’ at the options for stimulating supply of mortgages,” continued Mr King.

“However, given the current economic climate and the crippling effects this has had on consumer confidence over the past few months surely this issue should be dealt with a lot of ‘urgency’ to ensure adequate solutions to the problems that the country faces are put swiftly into action.”

Giles Andrews, UK Managing Director and cofounder of Zopa said, “Reaching the 200,000 mark is very satisfying, but given the difficulty so many people in this country are facing when trying to secure a loan at a competitive rate, we know the number could be much, much bigger. As more people get to know about Zopa and the excellent deals that are available by borrowing from other people rather than the banks, we know the number will climb higher and higher.”

“In any housing market downturn, it is important to reduce your mortgage if you possibly can,” says Melanie Bien, a director of independent mortgage broker Savills Private Finance. “If property prices fall, the threat of negative equity – where your mortgage is greater than the value of your home – grows. By reducing your mortgage, you reduce this risk.”

Darren Cook, of Moneyfacts.co.uk, says: “If a lender charges a fee of 1 per cent, a borrower with a £100,000 mortgage will pay £1,000, while a borrower wanting a loan for £500,000 will have to cough up £5,000, even though the lender is doing the same work.”

Peter Williams, IMLA’s executive director, says: “Times are tough in the mortgage market, but key participants in industry remain confident that we can steer clear of an all-out recession. There are also pockets of greater optimism - surprisingly enough, in the South East, for example.

“We are in a phase of readjustment in the markets, but that doesn’t mean we’re heading for a house price collapse or a recession. We need to see more liquidity in the money markets, and the Bank of England’s action in cutting Base Rate and in providing the £50 billion swap facility is a good start. Lenders need to see an easing of the logjam in the wholesale markets, and through concerted action by the Tripartite authorities I would hope we will see an improvement in conditions and in the availability of mortgages as the year progresses.”

‘People feel the bills mounting up and then they are falling behind with their mortgage. Often they do not face up to it until they are being taken to court. Sadly in about one in five cases we advise on, we have to tell people they will lose their home,” said Frances Walker of CCCS, a credit counseling agency.

“Mortgage rates are continuing to rise despite concerted action by the Bank of England and it is unlikely there will be many fixed-rate deals left for below six per cent,” said Francis Ghiloni, mform.co.uk marketing and business development director. “Those that do survive with headline rates of less than six per cent are likely to have higher fees as lenders seek to maintain profit margins.”