A Bank of England report shows that a price war over mortgages is likely before the end of the year, leading to an increase in the availability of loans.
The ‘Credit Conditions Report’ has predicted banks may begin a competitive battle to win market share, following a pretty slow summer for lending.
The quarterly survey acknowledged that the introduction of new affordability criteria back in April had an impact on the availability of mortgages. It also spotted that many borrowers were more cautious about taking out large loans or applying.
Outlet’s money man, David Liddle, told us: “It’s true we are slowly seeing more availability of mortgages. I suspect this is as a result of lenders wanting to make up for lost time since more strict lending criteria was introduced this year. It’s leading to lower rates, which can only be a good thing for buyers and property investors.”
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