LiveMore comments on sharp fall in mortgage lending
30 October 2023
Simon Webb, managing director of capital markets and finance at LiveMore, said: “The sharp fall in net mortgage lending in September is in stark contrast to the previous four months where net lending increased. However, a fall was expected as mortgage approvals have been declining for the past three months as less people consider moving home. House prices are coming down and there is more housing stock on the market, but higher interest rates are putting people off during a cost-of-living crisis.
“Remortgaging to a different lender is down to its lowest figure in almost 25 years, which I suspect means product transfer numbers are higher. It is easier for borrowers to stay with their current lender as they do not have to go through the affordability assessment in the same way that a remortgage requires.”
