There are still opportunities in the market – comment on the BoE money & credit figures for October
“A fall in mortgage approvals and an increase in consumer credit shows that housing has fallen down the list of priorities as the rising cost of living impacts on a very real level. However, there are still opportunities in the market as we can see by the increase in remortgaging.
“As the year comes to a close, mortgage lenders will not only need to reach set targets but also keep a close eye on borrowers that may be starting to struggle. Communication will be key in the coming months and lenders will need to have all their ducks in a row to ensure that their systems are set up to deal with any increase in missed payments or defaults. That said, we are now in the quietest period of the year for house buying, so who knows what the new year will bring? Perhaps the only reason that housing has fallen down the list of priorities is because we are getting that much closer to Christmas?”
Richard Pike, chief sales and marketing officer at Phoebus Software