Reference Case Number: FOI8629
Freedom of Information: Right to know request:
Under the Freedom of Information Act 2000, and in reference to a previous FOI (attached), your ref FOI7038, I would like to know the following:
How many regulated mortgage sales there have been in the most recent year you have data available, and the year prior to that, across the following borrower income multiples:
- 3 x borrower's income
- 4 x income
- 4.5 x income
- 5 x income
- 5.5 x income and above
Or, if you record the data using different income brackets, please send me this data. I would like the data broken down for each of the last five full years. Please use a year end of 30 June.
If you cannot provide data for each of the last five years, then please provide data for each of the last three years. If that is not possible, then please provide data for each of the most recent two years.
FCA response:
Please see the below table that sets out the information you require:
|
Loan To Income (LTI) Band |
Number of sales |
||||
|
July 2016 - June 2017 |
July 2017-June 2018 |
July 2018 - June 2019 |
July 2019 - June 2020 |
July 2020-June 2021 |
|
|
<=2.5 |
327,375 |
337,723 |
336,889 |
305,062 |
314,969 |
|
>2.5 - <=3.5 |
333,273 |
341,392 |
353,041 |
311,320 |
326,933 |
|
>3.5 - <=4.5 |
332,395 |
365,381 |
386,540 |
345,084 |
440,532 |
|
>4.5 - <=5.5 |
89,136 |
93,541 |
87,222 |
81,721 |
105,602 |
|
>5.5 - <=6.5 |
1,225 |
1,452 |
1,672 |
1,276 |
1,535 |
|
>6.5 |
2,647 |
3,104 |
2,857 |
2,242 |
4,466 |
|
LTI bands - Unspecified |
34,288 |
42,485 |
48,972 |
44,892 |
318,888 |
Please note the following comments when interpreting the data:
- The data is provided based on the following loan to income bands used by the FCA: <=2.5; >2.5 - <=3.5; >3.5 - <=4.5; >4.5 - <=5.5; >5.5 - <=6.5; >6.5; LTI bands – Unspecified
- The data is based on the product sales data reported by FCA regulated firms, in line with their requirements under SUP16.11 of the FCA Handbook. It excludes business loans and second charge mortgages.
- The data may be different to other data published by the FCA on mortgage sales due to resubmissions reported by regulated firms. In addition, there have been recent changes to the reporting rules on the scope and classification of mortgage sale transactions required to be reported to the FCA. “Internal product transfers” were previously not reported to the FCA but are now reported and included in the data from April 2021. This means where a borrower under a regulated mortgage contract does not change lender but transfers internally to a different mortgage product, or renews their existing product, with no additional borrowing. As a result, the data provided for July 2020 to June 2021 is not directly comparable with the data provided for the prior years.