16 January 2012
Paul Hunt, managing director of Phoebus Software said: “No matter how much doom-laden analysis one does, the proof ultimately lies in the pudding. A gloomy picture may be emerging from the eurozone, but anyone who predicted this will cause lenders to clam up has been proven wrong by the remarkable resilience shown by the CML’s figures. The Bank’s commitment to ultra-low interest rates has certainly helped, but the key to boosting both the volume and value of mortgage lending has been lenders’ willingness to take advantage of the favourable conditions to pass on highly affordable finance to borrowers. That’s not to say rising LIBOR rates, along with a seemingly worsening situation on the continent won’t force lenders’ hands as the year goes on, but it’s hugely encouraging that lenders have shown themselves willing to support borrowers wherever they can”.