Over 90% of people in the UK have a home loan mortgage. Basically what this means is they are borrowing money in order to pay for their home. Every year they will pay back a small percentage of the home loan. Most home owner loans tend to be paid over a 30 year period or more. Some people do take out a fast cash home loan. Here the loan is paid back over a very short period. Fast cash home loans are rare though as most people do not have enough income to pay off an expensive home loan quickly.

It used to be a lot easier to get a home loan but in todays tough economic environment banks are much less willing to give home loans. In 2009 many banks will only offer homeowner loans of 4 times your income. This is a lot less than what they were offering in 2004. As a result the amount of fast cash home loans and home loans taken out this year has been reduced significantly. Some figure show that mortgage acceptances have dropped 76% this year.

However Gordon Brown is trying hard to increase the number of homeowner loans available and has offered banks more money to lend. It is particularly hard for young homeowners to get on the property market and the government is building lots of new cheap available housing in the Uk over the next 2 years.