Speaking at UK Finance’s Annual Mortgage Conference, Christopher Woolard, executive director of strategy and competition at the FCA said: “Providers are entering the market but others are scaling back on lending. In fact, we’ve seen more firms exit the market than enter.” 

He then said lending would “be more complex” in the future and added low prices were expected to remain as lenders continued to cut rates. 

Woolard also said he wanted lenders to be “open to new customers” as longer terms offered to mortgage customers meant they would remortgage less frequently, leading to a reduction in customer activity.

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