The Financial Conduct Authority (FCA) said it has seen more lenders leave the market than enter as business continues to be competitive.
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.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
