Key findings
- The outstanding value of all residential mortgage loans was £1,527.3 billion at the end of 2020 Q3, 2.9% higher than a year earlier (Table A)1.
- The value of gross mortgage advances in 2020 Q3 was £62.5 billion, 14.7% lower than in 2019 Q3 (Table A and Chart 1).
- The value of new mortgage commitments (lending agreed to be advanced in the coming months) was 6.8% higher than a year earlier, at £78.9 billion and the highest level since 2007 Q3 (Table A and Chart 1).
- The share of gross advances with interest rates less than 2% above Bank Rate was 74.2% in 2020 Q3, 10.0 percentage points (pp) lower than a year ago (Chart 2).
- The share of mortgages advanced in 2020 Q3 with loan to value (LTV) ratios exceeding 90% was 3.5%, 2.4pp lower than a year earlier (Chart 3).
- The share of gross advances for remortgages for owner occupation was 25%, a decrease of 3pp since 2019 Q3. The share for house purchase for owner occupation was 55.8%, up 2.6pp from 2019 Q3 (Chart 5).
- The value of outstanding balances with some arrears fell by 1.2% over the quarter to £13.8 billion, and now accounts for 0.90% of outstanding mortgage balances (Chart 6).
Mortgage Lenders and Administrators Statistics - 2020 Q3