The FCA and the Prudential Regulatory Authority (PRA) both have responsibility for the regulation of mortgage lenders and administrators. We jointly publish the mortgage lending statistics every quarter.
Since the beginning of 2007, around 340 regulated mortgage lenders and administrators have been required to submit a Mortgage Lending and Administration Return (MLAR) each quarter, providing data on their mortgage lending activities.
Key findings
- The outstanding value of all residential mortgage loans increased by 0.4% from the previous quarter to £1,660.9 billion, and was 0.3% higher than a year earlier (Table A).
- The value of gross mortgage advances increased by 16.7% from the previous quarter to £60.2 billion, the first increase since 2023 Q3, and was 15.5% higher than a year earlier (Table A and Chart 1).
- The value of new mortgage commitments (lending agreed to be advanced in the coming months) increased by 11.3% from the previous quarter to £66.9 billion, and was 12.5% greater than a year earlier (Table A and Chart 1).
- The proportion of lending to borrowers with a high loan to income (LTI) ratio increased by 2.7pp from the previous quarter to 42.5%, but remained 1.2pp lower than a year earlier (Chart 4).
- The share of gross mortgage advances for house purchase for owner occupation increased by 2.9pp from the previous quarter to 57.5%, and was 3.1pp higher than a year earlier (Chart 5).
- The share of gross advances for remortgages for owner occupation decreased by 3.3pp from the previous quarter to 28.6%, and was 3.7pp lower than a year earlier (Chart 5).
- The share of gross mortgage advances for buy-to-let purposes (covering house purchase, remortgage and further advance) increased by 0.7pp from the previous quarter to 9.0% and 0.8pp higher than a year earlier (Chart 5).
- New arrears cases decreased by 0.5pp from the previous quarter, to 11.0% of the total outstanding balances with arrears, and was 5.3pp lower than a year earlier.
- The value of outstanding mortgage balances with arrears increased by 2.9% from the previous quarter, to £21.9 billion, and was 32.0% higher than a year earlier (Chart 6). The proportion of the total loan balances with arrears, relative to all outstanding mortgage balances, increased on the quarter from 1.29% to 1.32%, the highest since 2016 Q2.
Download the data from the charts below - MLAR statistics: detailed tables (Excel)
Table A: Residential loans to individuals, flows and balances
Regulated and non-regulated mortgages* - £ billions - Not seasonally adjusted
| Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | |
|---|---|---|---|---|---|---|---|---|
| 2022 | 2023 | 2024 | ||||||
| Business flows | ||||||||
| Gross advances | 85.9 | 81.6 | 58.6 | 52.1 | 61.4 | 52.9 | 51.6 | 60.2 |
| New commitments | 87.8 | 58.3 | 45.8 | 59.5 | 49.2 | 46.0 | 60.1 | 66.9 |
| Residential loan amounts outstanding | ||||||||
| Total Regulated and Non-regulated | 1,666.5 | 1,675.3 | 1,676.0 | 1,656.2 | 1,657.1 | 1,656.0 | 1,654.9 | 1,660.9 |
*This data covers regulated mortgage lending, and non-regulated mortgage lending by firms which undertake regulated mortgage lending or administration of regulated mortgages.
Chart
Data table
The value of gross mortgage advances increased by 16.7% (£8.6 billion) from the previous quarter to £60.2 billion, and was 15.5% higher than a year earlier (Table A and Chart 1).
The value of new mortgage commitments (lending agreed to be advanced in the coming months) increased by 11.3% from the previous quarter to £66.9 billion, and was 12.5% greater than a year earlier (Table A and Chart 1).
Chart
Data table
The share of gross mortgage advances with interest rates less than 2% above Bank Rate increased by 0.9 percentage points (pp) from the previous quarter to 97.0%, and was 0.7pp higher than a year ago (Chart 2).
The share of advances with interest rates between 2% and 3% above Bank Rate decreased over the quarter to 1.2% from 1.6%, and the share of advances with interest rates 3% or more above Bank Rate decreased by 0.4pp from the previous quarter to 1.8%.
Chart
Data table
The share of gross mortgage advances with loan-to-value (LTV) ratios exceeding 90% increased by 0.8pp from the previous quarter to 6.0% and was 1.5pp higher than a year ago (Chart 3).
Within this, the share of mortgages advanced with LTVs over 95% was broadly unchanged from the previous quarter at 0.3%.
The share of mortgages advanced 2024 Q2 with LTV ratios exceeding 75% increased by 4.8pp on the quarter to 42.8%. This is 5.9pp higher than a year earlier.
Chart
Data table
The proportion of lending to borrowers with a high loan to income (LTI) ratio increased by 2.7pp from the previous quarter to 42.5%, but remained 1.2pp lower than a year earlier (Chart 4). Borrowers with high LTI are defined here as:
- Borrowers with single income who had a LTI ratio of 4 or above. This increased by 0.3pp from the previous quarter to 8.3% of gross mortgage lending.
- Borrowers with a joint income who had a LTI ratio of 3 or above. This increased by 2.4pp from the previous quarter to 34.1% of gross mortgage lending.
Chart
Data table
The share of gross mortgage advances for buy-to-let purposes increased by 0.7pp from the previous quarter to 9.0%. This was 0.8pp higher than a year earlier (Chart 5). The share of advances to owner occupiers was 91.0%.
Of the 91.0% of advances for owner occupiers, the share of gross advances for remortgages for owner occupation decreased by 3.3pp from the previous quarter to 28.6%, and was 3.7pp lower than a year earlier. The share for house purchase increased by 2.9pp from the previous quarter to 57.5%, and was 3.1pp higher than a year earlier. Further advances and other mortgages (including lifetime mortgages) accounted for 5.0% of gross advances in total.
Of the 57.5% of advances for house purchases by owner occupiers, lending to first-time buyers increased by 1.6pp from the previous quarter to 27.4% of gross advances, and was 2.6pp higher than a year earlier. The share advanced to home movers increased by 1.3pp from the previous quarter to 30.1%, and was 0.5pp higher from a year earlier.
Chart
Data table
New arrears cases decreased by 0.5pp from the previous quarter, to 11.0% of the total outstanding mortgage balances with arrears (defined as the borrower failing to make contractual payments equivalent to at least 1.5% of the outstanding mortgage balance or where the property is in possession), and was 5.3pp lower than a year earlier.
The value of outstanding mortgage balances with arrears increased by 2.9% from the previous quarter to £21.9 billion. Total arrears were 32.0% higher than a year earlier and the highest since 2014 Q2 (Chart 6).
Of the £21.9 billion, £5.0 billion was accounted for by non-regulated mortgages (defined as mortgage contracts that fall under the wider category of residential loans to individuals. These include buy-to-let loans and other types of loans where the property is not for use by the borrower or qualifying dependents)(Chart 6).
The proportion of the total loan balances with arrears, relative to all outstanding mortgage balances, increased on the quarter from 1.29% to 1.32%. This is the highest since 2016 Q2.
The number of new possessions in the quarter decreased by 5.6% from the previous quarter to 1,980 but was 33.2% higher than a year earlier.
The number of stock possessions at the end of the 2024 Q2 increased by 7.4% from the previous quarter to 6,480. This was 34.5% higher than a year earlier.
Copyright
The data on this page is available under the terms of the Open Government Licence.