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MLAR Statistics: December 2014 Edition Summary

Core Content Overview

This document provides statistics on residential loans to individuals in the UK, categorized by regulated and non-regulated sectors, and includes data on balances, business flows, interest rates, income multiples, and loan-to-value (LTV) ratios. The data is not seasonally adjusted and covers the periods from Q2 2013 to Q3 2014.

Main Tables and Their Descriptions

1.11 Residential Loans to Individuals: Balances on and Off Balance Sheet

• Total residential lending to individuals increased steadily from Q2 2013 to Q3 2014, reaching £1,249,289 million in Q3 2014.
• Regulated lending:
  • Unsecuritised: Increased from £876,507 million in Q2 2013 to £913,736 million in Q3 2014.
  • Securitised: Decreased from £115,998 million in Q2 2013 to £99,825 million in Q3 2014.
  • Subtotal: Increased from £1,113,704 million to £1,242,974 million.
• Non-regulated lending:
  • Unsecuritised: Decreased slightly from £237,197 million in Q2 2013 to £235,729 million in Q3 2014.
  • Securitised: Decreased from £31,911 million to £28,025 million.
  • Subtotal: Decreased from £269,108 million to £263,754 million.

1.21 Residential Loans to Individuals: Business Flows

Regulated Sector

• Gross advances increased from £36,064 million in Q2 2013 to £51,493 million in Q3 2014.
• Net advances rose from £5,123 million to £8,908 million.
• New commitments increased from £41,652 million to £53,449 million.
• Loans (excluding overdrafts) increased from £1,113,719 million to £1,149,465 million.
• Commitments stock increased from £67,639 million to £75,710 million.
• Overdrafts (secured):
  • Net movement in quarter: Decreased from -56 million to -83 million.
  • Overdraft balances: Decreased from £1,690 million to £1,441 million.
  • Aggregate of credit limits: Decreased from £2,339 million to £2,077 million.

Non-regulated Sector

• Gross advances increased from £5,588 million in Q2 2013 to £8,274 million in Q3 2014.
• Net advances fluctuated, ending at £5 million in Q3 2014.
• New commitments increased from £6,179 million to £8,274 million.
• Loans (excluding overdrafts) decreased slightly from £237,212 million to £235,729 million.
• Commitments stock increased from £12,191 million to £15,269 million.
• Overdrafts (secured):
  • Net movement in quarter: Decreased from -15 million to -19 million.
  • Overdraft balances: Decreased from £339 million to £279 million.
  • Aggregate of credit limits: Decreased from £505 million to £446 million.

All (Regulated + Non-regulated)

• Gross advances increased from £41,652 million to £51,493 million.
• Net advances increased from £5,123 million to £8,908 million.
• New commitments increased from £47,511 million to £53,449 million.
• Loans (excluding overdrafts) increased from £1,113,719 million to £1,149,465 million.
• Commitments stock increased from £67,639 million to £75,710 million.
• Overdrafts (secured):
  • Net movement in quarter: Decreased from -56 million to -83 million.
  • Overdraft balances: Decreased from £1,690 million to £1,441 million.
  • Aggregate of credit limits: Decreased from £2,339 million to £2,077 million.

1.22 Residential Loans to Individuals: Interest Rate Analysis

Regulated Sector

• Percentage of business at fixed rates increased from 77.13% to 82.87% in Q3 2014.
• Percentage of business above Bank Rate:
  • Less than 2% above: Increased from 15.80% to 29.56%.
  • 2–3% above: Decreased from 46.22% to 40.54%.
  • 3–4% above: Decreased from 26.89% to 18.40%.
  • 4% or more above: Increased from 11.09% to 11.50%.
• Weighted average interest rates:
  • Fixed rate loans: Decreased from 3.50% to 3.27%.
  • Variable rate loans: Decreased from 2.92% to 2.57%.
  • All loans: Decreased from 3.37% to 3.15%.

Non-regulated Sector

• Percentage of business at fixed rates increased from 63.26% to 76.74% in Q3 2014.
• Percentage of business above Bank Rate:
  • Less than 2% above: Decreased from 2.94% to 3.00%.
  • 2–3% above: Increased from 15.66% to 29.02%.
  • 3–4% above: Decreased from 60.94% to 57.93%.
  • 4% or more above: Decreased from 20.45% to 10.04%.
• Weighted average interest rates:
  • Fixed rate loans: Decreased from 4.15% to 3.89%.
  • Variable rate loans: Decreased from 4.01% to 3.92%.
  • All loans: Decreased from 4.10% to 3.90%.

All (Regulated + Non-regulated)

• Percentage of business at fixed rates increased from 75.27% to 81.95%.
• Percentage of business above Bank Rate:
  • Less than 2% above: Increased from 14.08% to 25.60%.
  • 2–3% above: Decreased from 42.12% to 38.82%.
  • 3–4% above: Decreased from 31.46% to 24.29%.
  • 4% or more above: Decreased from 23.44% to 18.89%.
• Weighted average interest rates:
  • Fixed rate loans: Decreased from 3.58% to 3.24%.
  • Variable rate loans: Decreased from 3.14% to 3.11%.
  • All loans: Decreased from 3.47% to 3.26%.

1.31 Residential Loans to Individuals: Income Multiple and LTV

Regulated Sector

• Income multiple:
  • Single: Less than 2.50 decreased from 10.77% to 9.21%.
  • Joint: Less than 2.00 decreased from 10.26% to 8.13%.
  • Total on Single income: Decreased from 41.94% to 41.40%.
  • Total on Joint income: Increased from 58.06% to 58.60%.
• LTV:
  • Less than or equal to 75%: Decreased from 61.69% to 60.72%.
  • Over 75% to 90%: Decreased from 35.52% to 33.93%.
  • Over 90% to 95%: Increased from 2.33% to 4.90%.
  • Over 95%: Decreased from 0.46% to 0.45%.
  • Total: Consistently at 100%.

Non-regulated Sector

• Income multiple:
  • Single: Less than 2.50 decreased from 5.36% to 5.15%.
  • Joint: Less than 2.00 decreased from 3.99% to 3.90%.
  • Total on Single income: Decreased from 87.79% to 86.06%.
  • Total on Joint income: Increased from 12.21% to 13.94%.
• LTV:
  • Less than or equal to 75%: Decreased from 88.07% to 86.05%.
  • Over 75% to 90%: Increased from 11.41% to 13.43%.
  • Over 90% to 95%: Increased from 0.05% to 0.07%.
  • Over 95%: Decreased from 0.46% to 0.44%.
  • Total: Consistently at 100%.

Key Information and Trends

• Regulated sector showed a significant increase in fixed-rate loans and total lending, with a steady rise in the percentage of business at fixed rates.
• Non-regulated sector had a notable increase in the percentage of business at fixed rates, but a slight decrease in loans (excluding overdrafts).
• Interest rates across both sectors generally declined from 2013 to 2014, especially for variable rate loans.
• LTV and income multiple data indicated a steady trend in the distribution of loan types, with higher LTVs increasing slightly in some categories.
• Overdraft balances and credit limits were declining across all sectors, indicating a tightening of lending in secured overdrafts.

Summary

The December 2014 edition of MLAR statistics outlines the residential lending landscape in the UK, focusing on regulated and non-regulated sectors. It provides a comprehensive overview of loan balances, business flows, interest rate trends, and credit risk indicators like LTV and income multiple. Overall, the data reflects a general increase in fixed-rate lending and a decline in interest rates, with secured overdrafts and credit limits showing a downward trend. The report also highlights the distribution of loan types based on income and LTV and provides insights into loan administration and arrears for both unsecuritised and securitised loans.