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Mortgage Lenders and Administrators Statistics Summary (Q3 2013)

Core Content Overview

This summary outlines the key statistics for mortgage lending in the UK as reported in the Mortgage Lenders & Administrators Return (MLAR) for Q3 2013. It includes data on residential loan amounts, new business volumes, lending characteristics, and arrears and possessions.

Total Residential Loan Amounts Outstanding

• Total value of residential loans outstanding: £1,234 billion in Q3 2013.
• Quarterly increase: 0.3% compared to Q2 2013.
• Annual increase: 0.5% over the past four quarters.

Regulated vs. Non-regulated Loans

• Regulated loans: £966 billion in Q3 2013, up from £956.5 billion in Q2 2013.
  • Regulated loans accounted for 78% of total loans.
• Non-regulated loans: £267 billion in Q3 2013, down by 0.7% in the quarter.
• Securitised loans: £111 billion in Q3 2013, showing a 4.2% decline from Q3 2012.
  • Securitised loans made up 9.0% of total outstanding balances, the lowest since 2007.
• Unsecuritised loans: £1,123 billion in Q3 2013, continuing to rise.

New Business Volumes

• Gross advances: £49.5 billion in Q3 2013, a 25% increase compared to Q3 2012.
  • This was the highest level since Q3 2008.
• Net advances: £7.2 billion in Q3 2013, up 29% from Q3 2012.
  • Last seen at this level in Q2 2011.
• New commitments: £50.5 billion in Q3 2013, a 40% increase compared to Q3 2012.
  • Highest quarterly amount since Q2 2008.

Breakdown by Purpose

• House purchase was the largest category, with a 39% increase in value from Q3 2012.
• Remortgage increased by 22% in value.
• Buy to let saw a 42% increase in value, the highest since Q2 2008.
• First time buyers had the highest proportion since 2007, with a 37% increase in value over the past year.

Lending Characteristics

Interest Rates

• Proportion of gross advances at fixed rates: 77.3% in Q3 2013, up 2.0 percentage points from Q2 2013.
  • This is the highest percentage since the series began in 2007.
• Proportion of outstanding balances at fixed rates: 30.7%, up 1.4 percentage points from Q2 2013.
• Overall average interest rate on gross advances: 3.32%, the lowest since 2007.
  • Fixed rate loans: 3.40% (down 18bps).
  • Variable rate loans: 3.07% (down 7bps).
• Overall average interest rate on total amounts outstanding: 3.40%, down 3bps from Q2 2013.

Loan to Value (LTV) and Income Multiples

• Proportion of gross advances with high LTV (over 90%): 2.2%, down from 2.5% in Q2 2013.
• Proportion of gross advances with high single income multiple (over 4.00x): 10.5%, up 0.3 percentage points from Q2 2013.
• Proportion of gross advances with high joint income multiple (over 3.00x): 27.2%, up 2.4 percentage points to the highest since 2007.
• Combined high LTV and high income multiple: 1.3%, same as Q1 2013.

Arrears and Possessions

• New arrears cases in Q3 2013: 29,900, down 7.9% from Q2 2013.
  • Lowest quarterly number since 2007.
• Amount of new arrears: £56 million, down 18% from Q3 2012.
• Total loan accounts with reportable arrears: 278,400, down 4.7% from Q2 2013.
  • Lowest since Q3 2007.
• Performance of arrears cases: 61.3%, up from 60.50% in Q2 2013.
  • Fifth consecutive quarter of improvement.

Arrears by Severity

• Arrears cases in possession: 11,326 in Q3 2013, the lowest since 2007.
• New possessions: 7,349 in Q3 2013, down 14% from Q3 2012.
• Possession sales: 7,974 in Q3 2013, down 8.2% from Q3 2012.
• Arrears capitalised: £29 million on 8,012 accounts, up 4.8% from Q3 2012.

Technical Notes

• Regulated loans: Secured by a first charge on residential property for the borrower or a close relative.
• Non-regulated loans: Include buy-to-let, second charge, and further advances on pre-2004 mortgages.
• Securitisation: Loans are packaged into SPVs and sold to third parties. However, some securitised loans remain unsecuritised if used as collateral for liquidity schemes.
• Arrears definition: Captures arrears over 1.5% of the loan balance.
• Reporting population: Around 300 regulated lenders and administrators submit MLAR data.

Key Trends

• A continued shift toward unsecuritised lending.
• Fixed rate mortgages dominate new lending, with the highest proportion since 2007.
• Interest rates have been declining, especially for fixed rate loans.
• First time buyers and remortgage have seen significant growth in both proportion and value.
• Arrears and possessions have been on a declining trend, with the lowest levels since 2007.

Summary

The Q3 2013 MLAR data highlight a generally positive trend in mortgage lending, with increases in new business volumes and a continued shift toward unsecuritised loans. Fixed rate mortgages are becoming more prevalent, and interest rates are at historic lows. While the proportion of high LTV and high income multiple loans has remained stable, the overall arrears situation has improved, with the lowest levels of new arrears and possession cases since 2007.