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Summary of Mortgage Lenders and Administrators Statistics: Q2 2013

Core Content

This document provides a detailed overview of mortgage lending statistics in the UK for Q2 2013, derived from the Mortgage Lenders & Administrators Return (MLAR). It covers residential loan amounts, new business volumes, lending characteristics, interest rate trends, and arrears and possession data.

Key Statistics

Residential Loan Amounts Outstanding

• Total: £1,229.7 billion in Q2 2013, an increase of 0.1% compared to Q1 2013 and 0.5% over the past four quarters.
• Regulated Loans: £960.5 billion, accounting for 78% of the total, with a continued upward trend.
• Non-regulated Loans: £269.2 billion, decreased by 0.6% in the quarter.
• Securitised Loans: £116.0 billion, showing a declining trend since 2009, down 2.0% from Q1 2013.
• Unsecuritised Loans: £1,113.7 billion, continued to increase, now representing the largest portion of the total.
• Securitised proportion: Decreased to 9.4% of total, the lowest since 2007.

New Business Volumes

• Gross Advances: £41.6 billion, the highest since Q3 2011 and 13% higher than Q2 2012. A 23% increase from Q1 2013, the highest quarterly increase since 2007.
• Net Advances: £5.1 billion, up 8.6% compared to Q2 2012.
• New Commitments: £47.5 billion, up 19% from Q2 2012 and the largest quarterly amount since Q3 2008.
• Gross Advances by Purpose:
  • House Purchase: £27.1 billion (65.0% of gross advances), up 1.6 percentage points from Q1 2013.
  • Remortgage: £11.8 billion (28.3% of gross advances), up 14% in value terms from Q2 2012.
  • Buy to let (BTL): £5.0 billion (12.1% of gross advances), up 29% over the past year.
  • Other (including lifetime and equity release mortgages): £1.6 billion (3.8% of gross advances), a slight increase from Q1 2013.

Interest Rate Trends

• Fixed Rate Loans:
  • Proportion of Gross Advances: Increased to 75.3% in Q2 2013, up 4.6 percentage points from Q1 2013, the highest since 2007.
  • Proportion of Outstanding Balances: Increased to 29.3%, up 0.9 percentage points from Q1 2013.
• Average Interest Rates:
  • Gross Advances: Decreased to 3.47%, the lowest since the series began.
    • Fixed Rate Loans: 3.58%, down 22bps.
    • Variable Rate Loans: 3.14%, down 14bps.
  • Total Outstanding Balances: Decreased slightly to 3.43%, down 4bps.
    • Fixed Rate Balances: 4.22%, the lowest since the series began.
    • Variable Rate Balances: Remained at 3.10%.

Lending Criteria

• High LTV (over 90%): Increased to 2.5% of gross advances, the highest since Q2 2009.
• High Single Income Multiple (over 4.00x): Increased slightly to 10.2%.
• High Joint Income Multiple (over 3.00x): Increased to 24.8%.
• High LTV and High Income Multiple: Increased to 1.6% of gross advances, the highest since Q2 2009.

Arrears and Possessions

• New Arrears Cases: 32,500 in Q2 2013, down 12% from Q1 2013, the lowest since 2007.
• Total Loan Accounts in Arrears: 292,200, down 2.5% from Q1 2013, the lowest since Q4 2007.
• Proportion of Loan Book in Arrears: 2.3%, down 0.1 percentage points from Q1 2013.
• Performance of Arrears Cases: Improved to 60.5%, the fourth consecutive quarter of improvement.
• Arrears by Severity:
  • 1.5% < 2.5%: 0.72% of total loan balances.
  • 2.5% < 5.0%: 0.77% of total loan balances.
  • 5% or more: 0.69% of total loan balances.
• In Possession Cases:
  • New Possessions: 7,795, down 10% from Q2 2012.
  • Possession Sales: 8,506, little change from Q1 2013, but down 6.4% over the past year.
  • Stock of Possessions: 12,034, the lowest since the series began in 2007.
  • Capitalisations of Arrears: £27 million on 7,556 accounts, unchanged from Q2 2012 but down 4.0% in number.

Main Points

• The residential loan book in Q2 2013 showed a slight increase, with regulated loans driving growth and non-regulated loans declining.
• The proportion of fixed rate loans in both gross advances and outstanding balances reached record highs.
• The average interest rate on gross advances hit a new low, with both fixed and variable rates declining.
• The proportion of new lending for house purchase increased, reversing a recent downward trend.
• The number of arrears cases and possession cases decreased, indicating improved performance and a reduction in defaults.
• The use of securitisation continued to decline, with unsecuritised loans dominating the market.
• Lending to high LTV and high income multiple borrowers increased, reflecting a return to riskier lending practices.

Key Information

• The data are not seasonally adjusted and cover both regulated and non-regulated mortgages.
• The MLAR data is compiled and published jointly by the Bank of England and FCA since April 2013.
• The 1.5% threshold for arrears reporting replaced the previous 2.5% threshold.
• The data includes details on lending flows, balances, and criteria such as LTV and income multiples.
• The data provides insights into the performance of loans in arrears and the use of temporary concessions and capitalisations.