LiveMore comments on Bank of England Money and Credit data

Simon Webb, managing director of capital markets and finance at LiveMore, said: “It is good to see that both gross and net mortgage lending were up in August but the fall in approvals for house purchases and remortgaging doesn’t bode well for future lending over the next two or three months.

“Remortgaging approvals were down 36% to just 25,000 cases, the lowest figure in 13 years. I expect there were a lot more product transfers as interest rates are much higher now and borrowers don’t need to go through the whole affordability assessment as they do with a remortgage. It would be interesting to see the product transfer data as we know around half a million borrowers are due to remortgage by the end of this year.”

Published: 29 September 2023