Mortgage lenders stress it is business as usual
Mortgage lenders have stressed it is business as usual even though the markets are adjusting to life outside of the European Union.
UK banks have raised over £130bn of capital and more than £600bn of high-quality liquid assets. Capital requirements at the largest banks are also ten times higher than before the crisis.
Aaron Strutt, product director at Trinity Financial, says: “The lenders still have incredibly low rates and acceptance criteria is better than it has been for years.
“Mortgage rates may even get cheaper if the Bank of England is forced to cut the base rate again. Some economists expect the Bank of England to cut base rate by 0.25% in August, while others predict a reduction to zero over the coming months.
“People still need houses to live in, and while we have a functioning banking system, they will have options.”
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