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MLAR Statistics: December 2014 Edition Summary

Core Content Overview

This document presents MLAR (Mortgage Lenders' Accounts Register) statistics for residential loans to individuals in December 2014, covering both regulated and non-regulated loans. The data is presented in three tables, summarizing new business volumes, new business characteristics, and arrears & provisions. The information is not seasonally adjusted.

Main Tables and Key Information

Table (1): New Business Volumes

• Gross Advances:

  • 2013 Q2: £41,652 million
  • 2014 Q1: £51,473 million
  • 2014 Q3: £51,493 million
  • Trend: Increased from Q2 2013 to Q3 2014, with a slight dip in Q4 2013 and Q1 2014.

• Net Advances:

  • 2013 Q2: £5,123 million
  • 2014 Q1: £8,997 million
  • 2014 Q3: £8,908 million
  • Trend: Steadily increased from Q2 2013 to Q3 2014.

• New Commitments:

  • 2013 Q2: £47,511 million
  • 2014 Q3: £53,449 million
  • Trend: Generally increased over the period, with some fluctuations.

Table (2): New Business Characteristics

Interest Rates

• Fixed Rate Loans:

  • 2013 Q2: 3.58%
  • 2014 Q3: 3.35%
  • Trend: Declined gradually over the year.

• Variable Rate Loans:

  • 2013 Q2: 3.14%
  • 2014 Q3: 2.83%
  • Trend: Continued to decrease.

• All Loans:

  • 2013 Q2: 3.47%
  • 2014 Q3: 3.26%
  • Trend: Slight decline over the period.

Purpose of Loan

• House Purchase:

  • 2013 Q2: 64.95% of gross advances
  • 2014 Q3: 70.10%
  • Trend: Increased over the year.

• Remortgage:

  • 2013 Q2: 28.26%
  • 2014 Q3: 24.10%
  • Trend: Decreased over the period.

• Other:

  • 2013 Q2: 33.74%
  • 2014 Q3: 34.41%
  • Trend: Slight increase.

First Time Buyers

• Percentage of Gross Advances:
  • 2013 Q2: 19.10%
  • 2014 Q3: 22.06%
  • Trend: Increased, indicating a growing share of new business from first-time buyers.

Table (3): Arrears & Provisions

Arrears Cases

• Number of Loan Accounts in Arrears:

  • 2013 Q2: 292,178 units
  • 2014 Q3: 240,464 units
  • Trend: Decreased over the period.

• Balances Outstanding in Arrears:

  • 2013 Q2: £28,472 million
  • 2014 Q3: £23,221 million
  • Trend: Declined.

• Percentage of Total Loan Balances:

  • 2013 Q2: 2.32%
  • 2014 Q3: 1.86%
  • Trend: Steadily decreased, indicating a reduction in arrears as a proportion of total loans.

Arrears by Severity

• 1.5% < 2.5% in arrears:

  • 2013 Q2: 0.58%
  • 2014 Q3: 0.49%
  • Trend: Decreased slightly.

• 2.5% < 5% in arrears:

  • 2013 Q2: 0.63%
  • 2014 Q3: 0.53%
  • Trend: Declined.

• 5% < 7.5% in arrears:

  • 2013 Q2: 0.26%
  • 2014 Q3: 0.22%
  • Trend: Continued to decrease.

• 7.5% < 10% in arrears:

  • 2013 Q2: 0.14%
  • 2014 Q3: 0.12%
  • Trend: Slight decline.

• Over 10% in arrears:

  • 2013 Q2: 0.36%
  • 2014 Q3: 0.32%
  • Trend: Slightly decreased.

• First Time Buyers in Arrears:

  • 2013 Q2: 0.14%
  • 2014 Q3: 0.10%
  • Trend: Decreased, suggesting a lower proportion of first-time buyers in arrears.

Possession Cases

• New Possessions in Qtr:

  • 2013 Q2: 7,795 units
  • 2014 Q3: 5,728 units
  • Trend: Decreased over the year.

• Possessions Cases Sold in Qtr:

  • 2013 Q2: 8,506 units
  • 2014 Q3: 6,183 units
  • Trend: Decreased.

• Stock of Possessions at End of Qtr:

  • 2013 Q2: 12,034 units
  • 2014 Q3: 9,710 units
  • Trend: Decreased.

Key Observations

• New Business Growth: There was an overall increase in new business volumes, particularly in gross and net advances, with a notable rise in house purchase loans.
• Interest Rates: The proportion of fixed-rate loans increased, while the average interest rate for all loans decreased, suggesting a shift towards lower rates and longer-term fixed-rate products.
• Arrears Reduction: Arrears as a percentage of total loan balances declined over the year, indicating improved borrower performance or tighter lending standards.
• First Time Buyers: Their share in new business increased, but their proportion in arrears decreased, suggesting better financial management among first-time buyers.
• Possession Cases: The number of possession cases decreased, indicating a reduction in defaults and repossessions.

Notes and Methodology

• Loan Accounts: The number of loan accounts includes 1st and 2nd charge loans, and some further advances, which may lead to figures that are higher than CML's due to separate reporting categories.
• Arrears Reporting: Arrears are reported based on loan accounts where arrears amount to 1.5% or more of the loan balance, not the number of borrowers.
• Possession Cases: Possession is reported for individual loan accounts, and the figures are higher than CML's due to the inclusion of 2nd charge loans and the fact that not all lenders report possession cases for the same borrowers.

Conclusion

The December 2014 MLAR statistics show a general trend of growth in new business, particularly in house purchase loans, while arrears and possession cases declined, indicating improved loan performance. The data highlights a shift towards fixed-rate loans and a rise in first-time buyer activity, with interest rates decreasing over the period. The methodology used in reporting differs from CML, leading to higher figures in loan accounts and arrears.