These statistics are for 2020 Q1, and therefore will be only partially affected by the impact of COVID-19 and the related policy measures.
Key findings
- The outstanding value of all residential mortgages loans was £1,509 billion at the end of 2020 Q1, 3.9% higher than a year earlier (Table A).
- The value of gross mortgage advances in 2020 Q1 was £65.8 billion, 3.8% higher than in 2019 Q1 (Table A and Chart 1).
- The value of new mortgage commitments (lending agreed to be advanced in the coming months) was 6.1% higher than a year earlier, at £67.6 billion (Table A and Chart 1).
- The share of gross advances with interest rates less than 2% above Bank Rate was 73.2% in 2020 Q1, 10.2 percentage points (pp) lower than a year ago. The decrease was driven by the 65bp cut in Bank Rate in March rather than any significant change in mortgage interest rates (Chart 2).
- The share of mortgages advanced in 2020 Q1 with loan to value (LTV) ratios exceeding 90% was 5.2%, 0.7pp higher than a year earlier (Chart 3).
- The share of gross mortgage lending for buy-to-let purposes (covering house purchase, remortgage and further advance) was 14.0%, unchanged from 2019 Q1 (Chart 5).
- The value of outstanding balances with some arrears increased by 1.8% over the quarter to £13.7 billion, and now accounts for 0.91% of outstanding mortgage balances (Chart 6).
Mortgage lenders and administrative statistics - 2020 Q1