LiveMore comment on today’s BoE Mortgage Lenders and Administrators Statistics

10 September 2024

Simon Webb, managing director of capital markets and LiveMore, commented:

"The Bank of England’s latest mortgage statistics reflect a modest but important growth in both mortgage lending and commitments, with gross mortgage advances rising by 16.7% from the previous quarter.

“However, amidst this growth, we also see challenges, particularly with the increased proportion of lending to high loan-to-income borrowers and the rising value of mortgage balances with arrears, which has reached its highest point since 2016.

“As the market evolves, ensuring older borrowers have access to tailored financial solutions is more important than ever. Our focus is on supporting later life borrowers who often struggle to navigate the complexities of available products. Innovations like LiveMore’s Matching Engine simplify this process for intermediaries by returning all relevant product options based on individual client details, including alternatives if needed, and calculating maximum borrowing potential based on income and expenditure, in order to get the best outcome possible for clients."