LONDON, March 11 (Reuters) - Bank of England Governor Mark Carney said on Tuesday he was concerned that an improvement in the housing market could lead to a worsening of mortgage underwriting standards.
“Underwriting standards at present of mortgage providers are quite high...,” said Carney in remarks to a committee of lawmakers.
“Our concern is that those underwriting standards will deteriorate and that that deterioration itself would be fed by general improvement in the housing market.”
Britain’s recovery to date has been driven by household spending and a revival in the property market. Mortgage approvals in January hit their highest since November 2007.
For highlights of comments by Bank of England governor Mark Carney and other bank officials in a hearing of the Treasury Committee in parliament, click on
Reporting by Andy Bruce; Editing by Ana Nicolaci da Costa