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Summary of Mortgage Lenders and Administrators Statistics for 2016 Q2

Core Content

This document provides a detailed overview of mortgage lending statistics for Q2 2016, including data on loan amounts, interest rates, lending criteria, and arrears and possession cases. The statistics are derived from the Mortgage Lenders & Administrators Return (MLAR), and are reported by the Bank of England and the Financial Conduct Authority (FCA).

Key Statistics

Total Residential Loan Amounts

• Total outstanding residential loan amounts: £1,317.3 billion in Q2 2016.
• Increase compared to Q1 2016: 1.0%
• Increase compared to Q2 2015: 3.6%

Regulated vs. Non-Regulated Loans

• Regulated loan amounts: £1,041.5 billion (79.1% of total), proportion unchanged since Q4 2013.
• Non-regulated loan amounts: £275.8 billion in Q2 2016, up by £3.2 billion from Q1 2016 and £9.0 billion from Q2 2015.

Securitised vs. Unsecuritised Loans

• Securitised amounts outstanding: £76.4 billion in Q2 2016, down 7.0% from Q1 2016.
• Unsecuritised amounts outstanding: £1,241.0 billion in Q2 2016, up 1.5% from Q1 2016.
• Securitised as a proportion of total: 5.8% in Q2 2016, down from previous quarters.

Loan Flows

Gross Advances

• Gross advances: £58.1 billion in Q2 2016.
• Decrease compared to Q1 2016: 9.3%
• Increase compared to Q2 2015: 10.4%

Net Advances

• Net advances: £11.7 billion in Q2 2016, up 17.4% from Q2 2015.

New Commitments

• New commitments: £68.1 billion in Q2 2016, up 14.4% from Q1 2016.
• Increase compared to Q2 2015: 26.2%

Interest Rate Trends

Proportions at Fixed Rates

• Proportion of gross advances at fixed rates: 82.3% in Q2 2016, up from 81.4% in Q1 2016.
• Proportion of balances outstanding at fixed rates: 51.1%, up by 1.1 percentage points from Q1 2016.

Average Interest Rates

• Overall average interest rate on gross advances: 2.56%, the lowest since 2007.
  • Fixed rate: 2.60%, down 6 bps from Q1 2016.
  • Variable rate: 2.35%, down 17 bps from Q1 2016.
• Overall average interest rate on total amounts outstanding: 2.99%, the lowest since 2007.
  • Fixed rate: 3.00%, down 6 bps from Q1 2016.
  • Variable rate: 2.98%, down 3 bps from Q1 2016.

Lending by Purpose

House Purchase

• Proportion of gross advances: 63.0% in Q2 2016, down 5.9 percentage points from Q1 2016.
• Value of gross advances: £36.6 billion, up 14.0% from Q2 2015.

First Time Buyers (FTBs)

• Proportion of gross advances: 22.0% in Q2 2016, up 5.1 percentage points from Q1 2016.
• Value of residential loans to FTBs: £12.8 billion in Q2 2016, up from £10.7 billion in Q2 2015.

Buy-to-Let (BTL)

• Proportion of gross advances: 13.1% in Q2 2016, down 8.0 percentage points from Q1 2016.
• Value of BTL advances: £7.6 billion in Q2 2016, down from £8.3 billion in Q2 2015.
• BTL balances outstanding: £188.4 billion, representing 15.2% of total residential balances, the highest proportion since the series began.

Remortgages

• Proportion of gross advances: 30.0% in Q2 2016, up from 25.3% in Q1 2016.
• Proportion of new commitments: 31.8%, down 0.9 percentage points from Q1 2016.

Lending Criteria

Loan-to-Value (LTV)

• Proportion of gross advances with LTV over 90%: 4.1%, up 1.4 percentage points from Q1 2016.
• Proportion of gross advances with single income multiple over 4.00x: 10.1%, up 0.6 percentage points.
• Proportion of gross advances with joint income multiple over 3.00x: 31.1%, up 3.4 percentage points.

LTV and Income Multiple Combination

• Proportion of gross advances with LTV over 90% and income multiple over 3.5x (single) or 2.75x (joint): 2.9%, up 1 percentage point from Q1 2016.

Arrears and Possessions

New Arrears Cases

• New arrears cases in Q2 2016: 20,130, the lowest since the series began in 2007.
• Value of new arrears: £34 million, down 13.6% from Q2 2015.

Total Arrears Cases

• Total loan accounts with reportable arrears: 218,279 in Q2 2016, up 5.4% from Q1 2016.
• Balances in arrears as a percentage of total loan balances: 1.35%, the lowest since the series began.

Possession Cases

• New possession cases in Q2 2016: 2,291, down 10.0% from Q1 2016.
• Possession sales: 2,383, down 10.5% from Q1 2016.
• Stock of unsold possession cases: 4,207 in Q2 2016, the lowest since the series began.
• Capitalisations of arrears cases: £12 million, up 1.7% from Q1 2016.

Additional Notes

• The MLAR data covers both regulated and non-regulated residential lending.
• Regulated lending includes first charge mortgages on residential property for the borrower or close relative, and includes second charge lending from March 2016.
• Non-regulated lending includes buy-to-let and further advances on pre-2004 mortgages.
• Securitised loans are those sold to third-party investors via SPVs, while unsecuritised loans remain with the lender.
• Data may be restated due to revisions by reporters, and comparisons should consider differences in reporting population, definitions, and seasonal adjustment.

Technical Notes

• The MLAR is compiled jointly by the Bank of England and FCA.
• Data are collected from around 340 regulated lenders.
• Tables in the release are summaries of more detailed data, which are available online.
• Rounding effects may affect the accuracy of figures in tables and charts.
• Interest rates are classified as fixed or variable, with fixed rates including products with caps or collars, not annual review arrangements.