Bank of England Governor Mark Carney has advised people “to be prudent” when taking out mortgages
Mark Carney has warned prospective buyers to proceed carefully if planning to borrow money as the economic landscape continues to shift following the UK’s vote to leave the European Union.
“We are advising people to be prudent,” the Bank of England Governor said. “If you are taking out a mortgage, at some stage, during the life of that mortgage, conditions will be difficult.”
Despite the Bank of England cutting restrictions on banks and releasing funds that will allow banks to lend an extra £150bn in an attempt to ensure that the supply of credit does not dry up, Mr Carney cautioned borrowers to think about the affordability of their loans in the long term.