Richard Pike, Phoebus Software sales and marketing director, says “The housing market in 2021 has seen some dramatic highs both in terms of mortgage activity and house prices.  The levels we saw over the summer were of course unsustainable, not least because of supply. However, as things settle down to a more normal rhythm the key for borrowers will be managing their finances. With that in mind we are likely to continue to see the number of remortgages continue to increase.

“The potential for an increase in mortgage arrears in the coming months is one that lenders will need to manage well.  As the Bank of England looks to loosen mortgage stress-test rules more borrowers could be able to get onto the property ladder, but after seven years under the current rules, and interest rate rises on the horizon and cost of living increasing, will lenders continue to loosen lending criteria?”