By Jennifer Hill, Personal Finance Correspondent

LONDON (Reuters) - Borrowers and savers have little to fear, despite Northern Rock's need for an emergency loan from the Bank of England, industry experts said, though they believe liquidity problems could slow the property market.

Mortgage borrowers and savers with Northern Rock -- the country's eighth-largest listed bank -- can have confidence that the move does not reflect any underlying business problems, the Council of Mortgage Lenders (CML) said.

Northern Rock was forced to ask for the emergency funding, the details of which have not been disclosed, after the credit crunch in the U.S. pushed British inter-bank lending costs to their highest level for nine years.

However, the CML, which represents 98 percent of residential mortgage lending in the UK, said the issue was one of liquidity and funding, as opposed to quality of lending.

Director-general Michael Coogan said: "Consumers need to understand that the problem for lenders generally at the moment is in raising funds, not in lending quality.

"The Bank of England would not have provided the loan to Northern Rock if it had concerns about the quality of the lender's own business."

Melanie Bien, a director at independent mortgage broker Savills Private Finance, said Northern Rock viewed the funding package as a "temporary blip" and that Savills would continue to recommend its mortgage products in the right circumstances.

"If you've got a mortgage with Northern Rock, there is nothing to worry about as you shouldn't be affected," she said. "The important thing is not to panic."