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UK lenders expect demand for mortgages to fall, consumer credit to rise

© Reuters. FILE PHOTO: People cross a road in front of the Bank of England (BoE) building after the BoE became the first major world’s central bank to raise rates since the coronavirus disease (COVID-19) pandemic, London, Britain, December 16, 2021. REUTERS/Toby Mel

LONDON (Reuters) – British lenders expect demand for mortgage lending will fall in the first three months of 2022 after decreasing in late 2021, the Bank of England said on Thursday.

But lenders expected demand for unsecured lending, led by credit cards, to continue rising in the January-March period, according to the BoE’s quarterly Credit Conditions Survey.

The rates of defaults on mortgages and consumer loans were expected to rise in early 2022.

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