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Summary of Mortgage Lenders and Administrators Statistics for Q4 2014

Core Content Overview

The document presents statistical data on mortgage lending activities in the UK for Q4 2014, including outstanding loan amounts, new business volumes, lending characteristics, interest rate trends, and arrears and possession data. The data is derived from the Mortgage Lenders & Administrators Return (MLAR) and is compiled by the Bank of England and FCA.

Key Statistics

Residential Loan Amounts Outstanding

• Total outstanding residential loan amounts: £1,259.6 billion in Q4 2014, up 1.7% from the previous four quarters.
• Regulated loans: £996.2 billion, making up 79% of the total, with a constant proportion since Q4 2013.
• Non-regulated loans: £263.4 billion, unchanged in Q4 2014.
• Securitised loans: £91.1 billion, down 3.2% from Q3 2014, representing 7.2% of total outstanding loans – the lowest since 2007.
• Unsecuritised loans: £1,168.5 billion, up 0.6% in Q4 2014.

New Business Volumes

• Gross advances: £51.3 billion in Q4 2014, down 0.2% from Q4 2013 and 8.1% from Q3 2014.
• Net advances: £8.1 billion in Q4 2014, down from £9.0 billion in Q4 2013.
• New commitments: £46.3 billion in Q4 2014, down 8.0% from Q4 2013 and 7.4% from Q3 2014.

Lending Characteristics

Interest Rate Trends

• Proportion of gross advances at fixed rates: 82.2% in Q4 2014, down 0.4 percentage points from Q3 2014.
• Proportion of balances outstanding at fixed rates: 41.3%, up 2 percentage points from Q3 2014.
• Average interest rate on gross advances: 3.26%, down 5 basis points (bps) from Q3 2014.
  • Fixed rate average: 3.37%, down 6 bps.
  • Variable rate average: 2.74%, down 5 bps.
• Average interest rate on total amounts outstanding: 3.25%, down 3 bps from Q3 2014, the lowest since 2007.
  • Fixed rate average: 3.48%, down 6 bps.
  • Variable rate average: 3.08%, down 2 bps.

Breakdown by Purpose of New Lending

• House purchase: 71% of new lending, down 0.8 percentage points from Q3 2014.
  • Gross advances: £36.4 billion, up 3.7% from Q4 2013.
• First time buyers: 21.8% of new lending, up 0.1 percentage points.
• Buy to let (BTL): 14.9% of new lending, up 0.6 percentage points from Q3 2014.
• Remortgages: 23.7% of new lending, up from 23.0% in Q3 2014.
• Other new lending (including lifetime and equity release mortgages): 2.9%, down 0.1 percentage points.

Lending Criteria

• Loan-to-valuation (LTV) over 90%: 3.8% of gross advances, down 0.5 percentage points.
• Single income multiple over 4.00x: 9.7%, down 1.1 percentage points.
• Joint income multiple over 3.00x: 26.2%, down 2.4 percentage points.
• LTV over 90% and income multiple over 3.5x (single) or 2.75x (joint): 2.5%, down 0.6 percentage points.

Arrears and Possessions

• New arrears cases: 22,920 in Q4 2014, down 5.1% from Q3 2014 and the lowest since 2007.
• Amount of new arrears: £42 million, down 6.5% from Q3 2014 and 23.6% from Q4 2013.
• Total loan accounts in arrears: 219,857 in Q4 2014, down 4.5% from Q3 2014.
• Arrears as a percentage of total loan balances: 1.63%, the lowest since 2007.
• Performance of arrears cases: 62.92%, down from 63.15% in Q2 2014.
• Possession cases: 4,166 in Q4 2014, down 19.2% from Q3 2014.
• Possession sales: 5,600 in Q4 2014, down 3.8% from Q3 2014.
• Stock of possession cases: 7,774 at the end of Q4 2014, the lowest since 2007.
• Arrears capitalised: £27 million on 6,696 accounts, broadly unchanged from Q3 2014.

Additional Notes

• The MLAR data covers both regulated and non-regulated mortgages, with regulated mortgages defined as those secured by a first charge on residential property for the borrower or a close relative.
• Non-regulated mortgages include buy-to-let, second charge, and further advances on older mortgages.
• Securitisation involves packaging loans into a special purpose vehicle (SPV) and selling them to investors, though the risk remains with the lender in some cases.
• Arrears are defined as overdue payments of 1.5% or more of the loan balance, and are reported only if they meet this threshold.
• Performance of arrears is measured as payments received as a percentage of payments due under normal terms.

Data Definitions and Methodology

• Gross advances: Total new loans to borrowers.
• Net advances: Gross advances minus borrower repayments.
• New commitments: Agreements to lend in the future.
• Interest rate basis: Fixed or variable, with fixed rate products including those with caps or collars.
• LTV and income multiple: Key criteria for assessing lending risk and affordability.

Conclusion

The mortgage lending sector in Q4 2014 showed a mixed trend, with a slight increase in unsecuritised loan amounts and a decline in securitised balances. New business volumes decreased, and interest rates continued to fall. Arrears and possession cases also declined, indicating improved loan performance and reduced defaults. The data highlights a shift towards more conservative lending practices and a lower proportion of high-risk loans.