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 0.6% from the previous quarter to £1,670.9 billion, the highest stock of outstanding mortgage loans since 2023 Q1, and was 0.8% higher than a year earlier (Table A).
- The value of gross mortgage advances increased by 8.9% from the previous quarter to £65.5 billion, the highest new advances since 2022 Q4, and was 6.7% 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) decreased by 1.3% from the previous quarter to £66.0 billion, but remained 34.2% higher than a year earlier (Table A and Chart 1).
- The share of gross mortgage advances with loan-to-value (LTV) ratios exceeding 90% increased by 0.6pp from the previous quarter to 6.6%, the highest share since 2008 Q2, and was 1.6pp higher than a year earlier (Chart 3).
- The share of gross mortgage advances for house purchase for owner occupation increased by 6.9pp from the previous quarter to 64.4%, the highest share since 2021 Q2, and was 6.1pp higher than a year earlier (Chart 5).
- The share of gross advances for remortgages for owner occupation decreased by 5.8pp from the previous quarter to 22.8%, and was 7.0pp 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) decreased by 1.1pp from the previous quarter to 7.9%, but remained 0.5pp higher than a year earlier (Chart 5).
- New arrears cases (as a proportion of total outstanding balances with arrears) decreased by 1.3pp from the previous quarter to 9.7%, and was 6.3pp lower than a year earlier.
- The value of outstanding mortgage balances with arrears decreased by 0.4% from the previous quarter to £21.9 billion, but remained 17.5% higher than a year earlier (Chart 6). The proportion of the total mortgage loan balances with arrears, relative to all outstanding mortgage balances, has stayed the same as the previous quarter at 1.3%, but remained 0.2pp higher than a year earlier.
Download the data from the charts below - MLAR statistics: detailed tables[1] (Excel)
Table A: Residential loans to individuals, flows and balances
Regulated and non-regulated mortgages* - £ billions - Not seasonally adjusted
| Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | |
|---|---|---|---|---|---|---|---|---|
| 2022 | 2023 | 2024 | ||||||
| Business flows | ||||||||
| Gross advances | 81.6 | 58.6 | 52.1 | 61.4 | 52.9 | 51.6 | 60.2 | 65.5 |
| New commitments | 58.3 | 45.8 | 59.5 | 49.2 | 46 | 60.1 | 66.9 | 66 |
| Residential loan amounts outstanding | ||||||||
| Total Regulated and Non-regulated | 1,675.3 | 1,676.0 | 1,656.6 | 1,657.4 | 1,656.3 | 1,655.2 | 1,661.3 | 1,670.9 |
*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 8.9% from the previous quarter to £65.5 billion, the highest new advances since 2022 Q4, and was 6.7% 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) decreased by 1.3% from the previous quarter to £66.0 billion, but remained 34.2% higher 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 (including at or below Bank Rate) decreased by 0.4pp from the previous quarter to 96.6%. This was the same as a year earlier (Chart 2).
The share of advances with interest rates between 2% and up to 3% above Bank Rate increased by 0.2pp from the previous quarter to 1.4%, but remained 0.1pp lower than a year earlier. The share of advances with interest rates 3% or more above Bank Rate increased by 0.2pp from the previous quarter to 2.0%, and was 0.1pp higher than a year earlier.
Chart
Data table
The share of gross mortgage advances with loan-to-value (LTV) ratios exceeding 90% increased by 0.6pp from the previous quarter to 6.6%, the highest share since 2008 Q2, and was 1.6pp higher than a year earlier (Chart 3).
Within this, the share of mortgages advanced with LTVs over 95% has stayed the same as the previous quarter at 0.4%, and was 0.1pp higher than a year earlier.
The share of gross mortgage advances with loan-to-value (LTV) ratios exceeding 75% increased by 1.8pp from the previous quarter to 44.5%, the highest share since 2008 Q1, and was 5.1pp higher than a year earlier.
Chart
Data table
The proportion of lending to borrowers with a high loan to income (LTI) ratio increased by 2.9pp from the previous quarter to 45.3%, but remained 0.1pp 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 1.2pp from the previous quarter to 9.5%, and was 0.8pp higher than a year earlier.
- Borrowers with a joint income who had a LTI ratio of 3 or above. This increased by 1.7pp from the previous quarter to 35.8%, but remained 0.9pp lower than a year earlier.
Chart
Data table
The share of gross mortgage advances for buy-to-let purposes decreased by 1.1pp from the previous quarter to 7.9%, but remained 0.5pp higher than a year earlier (Chart 5). The share of advances to owner occupiers was 92.1%.
Of the 92.1% of advances for owner occupiers, the share of gross advances for remortgages for owner occupation decreased by 5.8pp from the previous quarter to 22.8%, and was 7.0pp lower than a year earlier. The share of gross mortgage advances for house purchase for owner occupation increased by 6.9pp from the previous quarter to 64.4%, the highest share since 2021 Q2, and was 6.1pp higher than a year earlier. Further advances and other mortgages (including lifetime mortgages) has stayed the same as the previous quarter at 4.9%, but remained 0.4pp higher than a year earlier.
Of the 64.4% of advances for house purchases by owner occupiers, lending to first time buyers increased by 1.9pp from the previous quarter to 29.3%, the highest share since reporting began in 2007, and was 3.1pp higher than a year earlier. The share advanced to home movers increased by 5.0pp from the previous quarter to 35.1%, the largest increase since 2020 Q4, and was 2.9pp higher than a year earlier.
Chart
Data table
New arrears cases (as a proportion of total outstanding balances with arrears) decreased by 1.3pp from the previous quarter to 9.7%, and was 6.3pp lower than a year earlier. Arrears are defined as the borrower failing to make contractual payments where the balance owed is equivalent to at least 1.5% of the outstanding mortgage balance or where the property is in possession.
The value of outstanding mortgage balances with arrears decreased by 0.4% from the previous quarter to £21.9 billion, but remained 17.5% higher than a year earlier (Chart 6).
Of the £21.9 billion of outstanding mortgage balances with arrears, non-regulated mortgages (including buy-to-let loans and other residential lending to individuals where the property is not for use by the borrower or qualifying dependents) increased by 0.1% from the previous quarter to £5.0 billion, and was 21.0% higher than a year earlier (Chart 6).
The proportion of the total mortgage loan balances with arrears, relative to all outstanding mortgage balances, has stayed the same as the previous quarter at 1.3%, but remained 0.2pp higher than a year earlier.
The number of new possessions in 2024 Q3 increased by 4.6% from the previous quarter to 2,074, and was 45.5% higher than a year earlier.
The total stock of possessions increased by 7.6% from the previous quarter to 6,976, and was 42.4% higher than a year earlier.
Copyright
The data on this page is available under the terms of the Open Government Licence[2].