UK Homeowners Are Proving More Resilient Than Once Feared
- Affordability tests help ensure mortgage market’s resilience
- Those re-mortgaging benefit from falling borrowing costs
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Mortgage support measures introduced by the UK government and lenders amid fears home owners would struggle to pay their bills have proven largely unnecessary so far, according to an analysis by Bloomberg News.
Nationwide Building Society gave support to just 8,000 borrowers via the mortgage charter through December. Overall take-up has been low, according to the UK unit of Banco Santander SA. Lloyds Banking Group Plc, the country’s biggest mortgage lender, saw an initial spike in interest from customers but the number of users remains small.