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07 December 2023

Following the publication today of the UK Finance’s Household Finance Review for Quarter 3 Household Finance Review 2023 Q3.pdf (ukfinance.org.uk) here is a comment for you from Target.

Katie Pender, managing director of Target, says: “It’s concerning that mortgage lending was still weak in the third quarter but not surprising, particularly in the tighter end of affordability. However, it will be interesting to see in the next review whether borrowers are starting to feel more confident now that mortgage interest rates are falling; there may be some light at the end of the tunnel in those lower rates.

But we mustn’t forget that there are still many who will continue to come off historically low fixed rates and onto higher rates. Borrowers will need stability in the market after what has been a rocky 12 months. As an industry we need to work hard to support lenders and borrowers with a service based on fast and reliable technology systems which put the customer first.”