Adam Oldfield, chief revenue officer at Phoebus, says:
“The number of approvals for remortgages in July is a trend that is only going to continue with a huge number of fixed rates deals coming to an end in the next few months.
“As we head into the final months of the year lenders will no doubt be looking to hit their lending targets, which could mean we see some more favourable mortgage deals.
“Although the likelihood of another interest rate rise from the Bank of England is fairly high, the recent fall in house prices may see the number of approvals for house purchase increase, especially if wages manage to keep pace with inflation.
“If, as I suspect, lenders have to fight for business this may add fuel to the fire, and we could see an upturn in the market towards the end of the year.
“Of course, for lenders it will be a juggling act. Hitting lending targets with one eye on long-term affordability, to ensure protection for the most exposed borrowers.
“Recent arrears figures can’t be ignored, they will have to be managed.”