Lenders are struggling to attract business – and brokers say they may have to drop rates to do soMortgage loans are expected to rise just 1.5 per cent net in 2023 and two per cent net in 2024, which would represent the lowest growth over a two-year period in a decade, according to the EY ITEM Club Outlook for Financial Services.
But he added that the improvements were “small” and were not making a “significant” difference to affordability. Dan Cooper, UK head of banking and capital markets at EY, said: “The ‘higher for longer’ borrowing rates and ongoing cost-of-living pressures are continuing to have a very real impact on customers, and at the same time, banks are tightening their lending criteria.
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