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The low number of mortgage approvals is set to continue into 2009, one sector commentator claims.

According to head of mortgages at moneysupermarket.com Louise Cuming, banks will continue to push restricted deals despite the government's urge to open up lending.

"For new borrowers, lenders will maintain a tight rein on credit and the competition for the best customers will increase as lenders continue to turn away those seen as riskier applicants," she says.

Indeed, homeowners who were planning to sell up in 2009 but now unsure where the market stands may want to consider carrying out home improvements instead.

Taking out a loan to pay for a new kitchen or bathroom could increase a property's value for when the right time comes to put it on the market.

And secured loans could be one financial option, although borrowers may want to be aware that these may be secured against their current home.

Furthermore, Ms Cuming claims that lenders should make sure they have the correct support in place for cash-strapped Britons currently borrowing money.

It was recently stated by Fool.co.uk that more than 800,000 people have already taken a mortgage payment holiday.