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Mortgage Lenders and Administrators Statistics: 2017 Q1 Summary

Core Content

This document provides an overview of mortgage lending activity in the UK for the first quarter of 2017, highlighting trends in new residential mortgage lending, outstanding loan balances, and the distribution of loans based on loan-to-value (LTV) and loan-to-income (LTI) ratios.

Key Statistics

• New Residential Mortgage Lending Activity:

  • £60.4 billion of new residential loans were advanced in Q1 2017.
  • This represents a 3.8% decrease compared to Q4 2016 and a 5.6% decrease compared to Q1 2016.
  • The decline in new lending was partly attributed to a 0.7% decrease in new commitments, from £61.8 billion in Q4 2016 to £61.4 billion in Q1 2017.

• Outstanding Residential Loans:

  • The total value of all outstanding residential loans stood at £1,347.3 billion in Q1 2017.
  • This is a 0.7% increase from Q4 2016 and a 3.3% increase from Q1 2016.
  • The year-on-year increase in the stock value of outstanding loans was 0.3 percentage points lower than in the previous quarter.

Lending Trends

• Customer Margins:

  • Customer margins continued to narrow in Q1 2017.
  • The proportion of new loans extended at the lowest rates (BBR + 2%) increased to 59.2% of new advances, up from previous quarters.
  • Conversely, the proportion of new loans extended at BBR + 3% or higher rates decreased to 12.4%.

• Loan-to-Value (LTV) Ratios:

  • There was an increase of 2.1 percentage points in the proportion of new lending in the lowest LTV bracket (<= 75%).
  • This bracket accounted for 67.2% of new advances in Q1 2017, the highest level since the series began.

• Loan-to-Income (LTI) Ratios:

  • The share of new lending in the lowest LTI brackets increased for both single and joint income categories.
  • Single income, less than 2.5 LTI accounted for 7.9% of new lending, up by 0.4 percentage points.
  • Joint income, less than 2.0 LTI accounted for 9.1%, up by 0.6 percentage points.
  • Despite this, higher LTI brackets still dominated the market:
    • Single income, 4.0 or above LTI represented 10.3% of the market.
    • Joint income, 3.0 or above LTI represented 31.3% of the market.

Purpose of Lending

• House Purchase vs. Remortgages:

  • The share of new loans for house purchases fell by 5.1 percentage points from 66.0% to 60.9%, driven by a decline in first-time-buyer (FTB) lending.
  • This is the lowest figure for house purchase lending since Q1 2012.
  • In contrast, remortgage lending increased by 3.7 percentage points, from 27.7% to 31.4%.

• Buy-to-Let (BTL) Lending:

  • The share of BTL lending has stabilised at a lower level since Q1 2016.
  • In Q1 2017, BTL accounted for 14.2% of residential home loans transactions.

Loan Arrears

• Arrears Balances:
  • The proportion of total loan balances in arrears decreased to 1.26%, the lowest level since the series began.
  • The outstanding balance in arrears is now £17.0 billion.

Summary of Key Points

• New residential mortgage lending declined in Q1 2017 compared to the previous quarter and year-on-year.
• Outstanding loan balances increased slightly, but the year-on-year growth rate slowed.
• Lending at lower LTV and LTI ratios increased, indicating a shift in lending behavior.
• House purchase lending fell to a historic low, while remortgage lending rose.
• BTL lending remained stable at a lower level.
• The proportion of loans in arrears reached its lowest level since the series began.