UK lenders expect rise in mortgage and loan defaults

Credit: REUTERS/MATTHEW CHILDS

British lenders expect the rate of defaults on mortgages and consumer loans to rise during the final three months of this year, and plan to raise interest rates and tighten lending conditions, a Bank of England survey showed on Thursday.

LONDON, Oct 15 (Reuters) - British lenders expect the rate of defaults on mortgages and consumer loans to rise during the final three months of this year, and plan to raise interest rates and tighten lending conditions, a Bank of England survey showed on Thursday.

The BoE's quarterly Credit Conditions Survey also reported that lenders expected demand for mortgages to stabilise in the fourth quarter, after rising in the previous three months, while consumer loan demand was seen increasing.

(Reporting by David Milliken, editing by Estelle Shirbon)

((david.milliken@reuters.com; +44 20 7542 5109; Reuters Messaging: david.milliken.thomsonreuters.com@reuters.net))

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