It predicted this trend would also lead to falls across all lending next year and a higher number of repossessions.
However, the outlook for lending is expected to be brighter for 2025.
However, the outlook for lending is expected to be brighter for 2025.
James Tatch, head of analytics at UK Finance, said: “2023 was a challenging year for both prospective and existing mortgage borrowers, facing affordability pressures from higher interest rates and the increased cost of living, as well as house prices still at elevated levels relative to income.
“Most existing customers looking to refinance their loans chose to take a product transfer with their current lender, where affordability tests are not required.”
However, the outlook for lending is expected to be brighter for 2025.
It predicted this trend would also lead to falls across all lending next year and a higher number of repossessions.
James Tatch, head of analytics at UK Finance, said: “2023 was a challenging year for both prospective and existing mortgage borrowers, facing affordability pressures from higher interest rates and the increased cost of living, as well as house prices still at elevated levels relative to income.
However, the outlook for lending is expected to be brighter for 2025.
However, the outlook for lending is expected to be brighter for 2025.
James Tatch, head of analytics at UK Finance, said: “2023 was a challenging year for both prospective and existing mortgage borrowers, facing affordability pressures from higher interest rates and the increased cost of living, as well as house prices still at elevated levels relative to income.
“Most existing customers looking to refinance their loans chose to take a product transfer with their current lender, where affordability tests are not required.”
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