Stricter lending criteria

The Bank of England has announced that demand for property purchase mortgages has seen a slight drop in the three months to the beginning of September.

In addition, lending criteria have become a bit stricter for the second quarter in a row, and according to the expectations, this trend will not see a reverse in the nearest future.

Some loan providers expressed a view that the trend mirrorred a more careful approach to the self-employed people and those who wanted higher loan-to-value (LTV) deals.

Moreover, lenders do not think there will be more mortgage deals available over the next quarter.

Lastly, demand for remortgaging was generally the same and it is expected to remain level until December.


The cultural transformations that have made people accept life in debt have had a direct impact on the approach youngsters take to money matters, which could lead to negative consequences in the long run as many of the next generation would resort to IVAs to cope with serious financial issues.

When we put efforts into our work and get paid for this, we get an amazing feeling of satisfaction. Our hard hard work seems to have been remunerated financially. We go shopping and buy the items we need and the items we simply want.