Lenders expect to make more credit available: BoE

The Bank of England’s (BoE) latest Credit Conditions Survey has revealed lenders expect to make credit more readily available to households and businesses over the next three months, after increasing lending over the last quarter.

The BoE’s quarterly report showed lower funding costs had boosted the availability of secured credit to households in the second quarter for the first time since the third quarter of 2007.

“While concerns about the economic outlook had continued to bear down on credit availability, the impact had been smaller than in previous surveys,” the report said.

Demand for secured lending for house purchase was reported to have increased over the past three months while demand for secured lending for remortgaging declined further. Lenders expected that demand for secured lending would remain broadly unchanged over the next three months.

Source: Mortgage Solutions

What We Say ~ This is good news for buyers as higher loan-to-value rates coupled with low interest rates will allow investors a rare oppotunity to buy more properties with the same amount of cash.  But as always, one must strike whilst the iron is hot.  

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