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MLAR Statistics Summary: June 2014 Edition

Core Content Overview

This document presents detailed statistics on residential loans to individuals in the UK, categorized into regulated and non-regulated types, and further broken down into unsecuritised and securitised loans. It includes data on balances, business flows, interest rates, income multiples, and loan-to-value (LTV) ratios. The data is not seasonally adjusted and was last updated on 10 June 2014.

Main Tables and Key Information

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

• Total residential lending to individuals (both regulated and non-regulated) increased from £1,228,899 million in 2012 Q4 to £1,238,340 million in 2014 Q1.
• Regulated loans:
  • Unsecuritised: Ranged from £867,418 million in 2012 Q4 to £897,795 million in 2014 Q1.
  • Securitised: Decreased from £122,678 million in 2012 Q4 to £106,436 million in 2014 Q1.
  • Subtotal: Ranged from £956,522 million to £976,137 million.
• Non-regulated loans:
  • Unsecuritised: Ranged from £238,802 million to £234,108 million.
  • Securitised: Decreased from £33,575 million to £28,095 million.
  • Subtotal: Ranged from £272,377 million to £262,203 million.
• Combined total:
  • Unsecuritised: Increased from £1,106,221 million to £1,131,904 million.
  • Securitised: Decreased from £122,678 million to £106,436 million.
  • Total: Ranged from £1,228,899 million to £1,238,340 million.

1.21 Residential Loans to Individuals: Business Flows

• Regulated loans:

  • Gross advances: Increased from £34,428 million in 2012 Q4 to £51,474 million in 2014 Q1.
  • Net advances: Increased from £4,208 million to £8,997 million.
  • New commitments: Increased from £36,885 million to £50,284 million.
  • Loans (excluding overdrafts): Ranged from £867,418 million to £897,795 million.
  • Commitments stock: Increased from £52,414 million to £70,962 million.
  • Overdraft balances: Decreased from £1,770 million to £1,570 million.
  • Aggregate of credit limits: Decreased from £2,448 million to £2,235 million.

• Non-regulated loans:

  • Gross advances: Increased from £4,969 million to £7,156 million.
  • Net advances: Increased from £-1,458 million to £-120 million.
  • New commitments: Increased from £4,770 million to £6,977 million.
  • Loans (excluding overdrafts): Ranged from £238,802 million to £234,108 million.
  • Commitments stock: Increased from £10,313 million to £14,991 million.
  • Overdraft balances: Decreased from £360 million to £306 million.
  • Aggregate of credit limits: Decreased from £544 million to £484 million.

• All loans (Regulated + Non-regulated):

  • Gross advances: Increased from £39,397 million to £51,474 million.
  • Net advances: Increased from £4,208 million to £8,997 million.
  • New commitments: Increased from £36,885 million to £50,284 million.
  • Loans (excluding overdrafts): Ranged from £1,106,221 million to £1,131,904 million.
  • Commitments stock: Increased from £52,414 million to £70,962 million.
  • Overdraft balances: Decreased from £1,770 million to £1,570 million.
  • Aggregate of credit limits: Decreased from £2,448 million to £2,235 million.

1.22 Residential Loans to Individuals: Interest Rate Analysis

• Regulated loans:

  • Percentage of business at fixed rates increased from 65.26% in 2012 Q4 to 82.11% in 2014 Q1.
  • Percentage of business above Bank Rate:
    • Less than 2%: Increased from 5.99% to 28.68%.
    • 2%–3%: Increased from 38.82% to 41.09%.
    • 3%–4%: Decreased from 35.25% to 20.63%.
    • 4% or more: Decreased from 19.94% to 9.60%.
  • Weighted average interest rates:
    • Fixed rate loans: Decreased from 4.06% to 3.22%.
    • Variable rate loans: Decreased from 3.13% to 2.74%.
    • All loans: Decreased from 3.74% to 3.14%.

• Non-regulated loans:

  • Percentage of business at fixed rates increased from 51.70% in 2012 Q4 to 68.82% in 2014 Q1.
  • Percentage of business above Bank Rate:
    • Less than 2%: Increased from 3.53% to 33.55%.
    • 2%–3%: Increased from 9.35% to 23.55%.
    • 3%–4%: Increased from 59.18% to 64.84%.
    • 4% or more: Decreased from 27.94% to 8.31%.
  • Weighted average interest rates:
    • Fixed rate loans: Decreased from 4.45% to 3.91%.
    • Variable rate loans: Decreased from 4.09% to 3.90%.
    • All loans: Decreased from 4.28% to 3.90%.

• All loans (Regulated + Non-regulated):

  • Percentage of business at fixed rates increased from 63.55% to 80.26%.
  • Percentage of business above Bank Rate:
    • Less than 2%: Increased from 5.68% to 25.15%.
    • 2%–3%: Increased from 35.10% to 38.65%.
    • 3%–4%: Increased from 23.27% to 26.77%.
    • 4% or more: Decreased from 20.95% to 9.42%.
  • Weighted average interest rates:
    • Fixed rate loans: Decreased from 4.10% to 3.30%.
    • Variable rate loans: Decreased from 3.30% to 2.99%.
    • All loans: Decreased from 3.81% to 3.25%.

1.31 Residential Loans to Individuals: Income Multiple and LTV

• Income multiple:

  • For single income:
    • Less than 2.50: Decreased from 11.19% to 9.82%.
    • 2.50–3.00: Decreased from 5.46% to 4.89%.
    • 3.00–3.50: Decreased from 6.44% to 6.30%.
    • 3.50–4.00: Decreased from 6.55% to 6.34%.
    • 4.00 or over: Increased from 11.73% to 13.02%.
    • Other: Decreased from 2.74% to 1.92%.
    • Total: Consistently at 100% across all periods.
  • For joint income:
    • Less than 2.00: Decreased from 10.07% to 8.65%.
    • 2.00–2.50: Decreased from 8.03% to 8.22%.
    • 2.50–2.75: Decreased from 4.97% to 4.49%.
    • 2.75–3.00: Decreased from 5.41% to 4.93%.
    • 3.00 or over: Increased from 26.85% to 31.02%.
    • Other: Decreased from 0.56% to 0.38%.
    • Total: Consistently at 100% across all periods.

• LTV (Loan-to-Value) ratios:

  • For single income:
    • Less than or equal to 75%: Decreased from 63.32% to 61.01%.
    • Over 75%–90%: Increased from 34.38% to 36.57%.
    • Over 90%–95%: Increased from 1.95% to 2.00%.
    • Over 95%: Decreased from 0.35% to 0.42%.
    • Total: Consistently at 100% across all periods.
  • For joint income:
    • Less than or equal to 75%: Increased from 86.65% to 86.83%.
    • Over 75%–90%: Increased from 12.78% to 12.73%.
    • Over 90%–95%: Decreased from 0.08% to 0.05%.
    • Over 95%: Decreased from 0.50% to 0.39%.
    • Total: Consistently at 100% across all periods.

• LTV and Income Multiple:

  • Over 90%–95%:
    • Single: 3.50x or more: Increased from 0.25% to 0.31%.
    • Joint: 2.75x or more: Increased from 0.92% to 1.07%.
    • Total: Increased from 1.17% to 1.38%.
  • Over 95%:
    • Single: 3.50x or more: Increased from 0.11% to 0.27%.
    • Joint: 2.75x or more: Decreased from 0.12% to 0.01%.
    • Total: Increased from 0.23% to 0.28%.
  • LTV (All over 90%):
    • Single: 3.50x or more: Increased from 0.12% to 0.27%.
    • Joint: 2.75x or more: Decreased from 0.14% to 0.02%.
    • Total: Increased from 0.26% to 0.29%.

Main Points and Trends

• Overall trend: There was a general increase in the percentage of loans at fixed rates and a decrease in interest rates across all categories, indicating a shift towards long-term stability and lower borrowing costs.
• Securitised loans showed a decline in both amounts and percentages of business above the Bank Rate, while unsecuritised loans remained relatively stable.
• Income multiple trends showed a decline in lower multiples and an increase in higher multiples, suggesting a shift in lending to individuals with higher income levels.
• LTV ratios indicated a rise in high LTV loans, which could reflect increased lending to higher-risk borrowers or a shift in lending criteria.

Key Information

• Data period: 2012 Q4 to 2014 Q1.
• Not seasonally adjusted.
• Last updated: 10 June 2014.
• Sources: Bank of England and FCA.
• Purpose: To provide detailed statistics on residential lending to individuals, including balances, flows, interest rates, and risk indicators such as income multiple and LTV.