Mortgage lending statistics - December 2022
What has happened?
In December 2022, the FCA issued its mortgage lending statistics for Q3 of 2022.
What are the key points??
The FCA collects mortgage lending data via the Mortgage Lending and Administration Return (MLAR) which is submitted by firms carrying out mortgage lending and administration. Since the beginning of 2007, around 340 regulated mortgage lenders and administrators have been required to submit a Mortgage Lending and Administration Return each quarter.
The value of gross mortgage advances in 2022 Q3 was £85.9 billion, which was £8.0 billion greater than the previous quarter, and 17.0% higher than in 2021 Q3. The value of new mortgage commitments (lending agreed to be advanced in the coming months) in 2022 Q3 was 4.5% greater than the previous quarter and was the highest value recorded since 2007 Q3.
The share of gross mortgage advances in 2022 Q3 with loan-to-value ratios exceeding 90% was 5.0%, 0.9% higher than a year earlier and the highest seen since 2020 Q1
The proportion of lending to borrowers with a high loan-to-income (LTI) ratio increased by 1.0% in the quarter to 51.5% in 2022 Q3, the same as in 2021 Q2 and the highest since recording began in 2007.
The value of outstanding balances with arrears decreased by 1.4% over the quarter and 5.1% over the year, to £13.1 billion in 2022 Q3, and now accounts for 0.78% of outstanding mortgage balances, the lowest since recording began in 2007.
How can we help you?
If you’d like to know more about how we can help you with your mortgage lending or arrears arrangements, or any other regulatory compliance issues, our specialist team is here to help.
Contact us today on 0207 436 0630 or email info@thistleinitiatives.co.uk.