Key findings
- The outstanding value of all residential mortgage loans was £1,561.8 billion at the end of 2021 Q1, 3.6 % higher than a year earlier (Table A).
- The value of gross mortgage advances in 2021 Q1 was £83.3 billion, 26.5% higher than in 2020 Q1, and the highest level since 2007 Q4. (Table A and Chart 1).
- The value of new mortgage commitments (lending agreed to be advanced in the coming months) was 15% higher than a year earlier, at £77.5 billion. (Table A and Chart 1).
- The share of gross advances with interest rates less than 2% above Bank Rate was 59.1% in 2021 Q1, 13.3 percentage points (pp) lower than a year ago (Chart 2).
- The share of mortgages advanced in 2021 Q1 with loan to value (LTV) ratios exceeding 90% was 1.1%, 4.1pp lower than a year earlier, and the lowest level since these statistics began in 2007 (Chart 3).
- The share for house purchase for owner occupation was 64.1%, up 17.3pp from 2020 Q1. The share of gross advances for remortgages for owner occupation was 18.0%, a decrease of 14.2pp since 2020 Q1, and the lowest since these statistics began in 2007. (Chart 5).
- The value of outstanding balances with some arrears increased by 5.1% over the quarter to £15 billion, and now accounts for 0.96% of outstanding mortgage balances (Chart 6).
Mortgage Lenders and Administrators Statistics - 2021 Q1