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Financial News: UK Lenders Expect Loan Defaults To Rise In

UK Lenders Expect Loan Defaults To Rise In Q4

10/15/2020 - 05:22:00 (RTTNews)

(RTTNews) - British lenders expect loan defaults to rise in the fourth quarter, according to Credit Conditions Survey from the Bank of England, released Thursday. Lenders reported that the default rates on secured loans to households remained unchanged in the third quarter but was expected to increase in the fourth quarter. At the same time, default rates for total unsecured lending decreased in the third quarter but were forecast to climb in the quarter ahead.

Defaults rates on loans to corporates remained unchanged for small businesses in the third quarter but increased for medium and large businesses. These balances were expected to increase for all business sizes in the fourth quarter.

The quarterly survey was conducted between September 1 and 18.

Lenders expect secured credit availability to households to remain stable over the next three months, while the availability of unsecured credit was forecast to decline. The supply of credit to the corporate sector was expected to drop in the fourth quarter.

Lenders reported that demand for secured lending for house purchases will remain unchanged in the fourth quarter and that for unsecured lending to increase.

Demand for corporate lending was expected to decrease for small and large businesses in the fourth quarter, but was expected to increase slightly for medium-sized businesses.

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