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Summary of Mortgage Lenders and Administrators Statistics for 2016 Q1

Core Content

This report provides an overview of mortgage lending activities in the UK for the first quarter of 2016, including data on loan amounts, new business volumes, interest rate trends, and arrears statistics. The data is derived from the Mortgage Lenders & Administrators Return (MLAR), which is jointly published by the Bank of England and the Financial Conduct Authority (FCA).

Total Residential Loan Amounts

• The total value of residential loan amounts outstanding in Q1 2016 was £1,291.4 billion, up by 1.0% from Q4 2015 and 3.4% over the past four quarters.
• Regulated loans accounted for £1,031.9 billion, or 79% of the total, with this proportion remaining constant since Q4 2013.
• Non-regulated loans increased by £3.6 billion compared to Q4 2015 and £7.8 billion compared to Q1 2015, reaching £272.6 billion in Q1 2016.

Securitised and Unsecuritised Loans

• Securitised loan balances increased to £82.0 billion, up by 1.3% from Q4 2015.
• Unsecuritised loan balances rose by 1.0% from Q4 2015 to £1,222.5 billion.
• The proportion of securitised balances to total residential loan balances remained at 6.3%.

New Business Volumes

• Gross advances totaled £64.0 billion in Q1 2016, up by 1.5% from Q4 2015 and 40.4% from Q1 2015.
• Net advances increased to £13.6 billion, a rise of 117.0% compared to Q1 2015.
• New commitments rose from £59.5 billion in Q4 2015 to £60.6 billion in Q1 2016, an increase of 28.4% compared to Q1 2015.

Interest Rate Trends

• The proportion of gross advances at fixed interest rates dropped from 84.1% in Q4 2015 to 81.4% in Q1 2016.
• The proportion of balances outstanding at fixed interest rates increased by 1.7 percentage points to 50.0%.
• The overall average interest rate on gross advances fell by 6 bps to 2.63%, the lowest since 2007.
• The overall average interest rate on total amounts outstanding decreased by 3 bps to 3.04%, also the lowest since 2007.
• Fixed rate loans saw a decrease in average rate by 6 bps to 2.66%, while variable rate loans increased by 1 bp to 2.52%.

Breakdown by Purpose of New Lending

• Lending for house purchase accounted for 68.9% of new business, a slight decrease of 0.3 percentage points from Q4 2015.
• First time buyers (FTBs) made up 16.9% of new business in Q1 2016, down by 4.0 percentage points from Q4 2015.
• Buy-to-let (BTL) lending increased to 21.1% of new business, up by 4.3 percentage points from Q1 2015.
• Remortgage accounted for 25.3% of new business, slightly up from 25.0% in Q4 2015.
• Other lending (including further advances) decreased to 3.2% of new business from 3.5% in Q4 2015.

Lending Criteria

• The proportion of gross advances with LTV over 90% decreased by 0.5 percentage points to 2.7%.
• The proportion of gross advances to borrowers with a single income multiple over 4.00x dropped by 0.7 percentage points to 9.5%.
• The proportion of gross advances to borrowers with a joint income multiple over 3.00x decreased by 2.0 percentage points to 27.7%.
• The proportion of gross advances with both LTV over 90% and income multiple over 3.5x (single) or 2.75x (joint) fell by 0.4 percentage points to 1.9%.

Arrears and Possessions

• New arrears cases in Q1 2016 totaled 20,410, close to the Q4 2015 figure, which was the second lowest since the series began in 2007.
• The value of new arrears was £36 million, a 12.9% decrease from Q1 2015.
• The total number of loan accounts with reportable arrears increased by 8.3% to 207,052, the first increase since Q1 2013.
• The proportion of balances in arrears to total loan balances remained constant at 1.4%, the lowest since the series began.
• New possession cases totaled 2,546, up by 6.4% from Q4 2015.
• Possession sales decreased by 7.9% to 2,644 in Q1 2016.
• Capitalisations of arrears cases totaled £12 million, down by 9.0% from Q4 2015.

Key Notes

• The MLAR data is not seasonally adjusted and includes both regulated and non-regulated mortgages.
• Regulated loans are those secured by a first charge on residential property, while non-regulated loans include buy-to-let and other types of lending not subject to regulation.
• Securitised loans are those sold to third-party investors, but some loans used as collateral for Bank of England liquidity schemes are still reported as unsecuritised due to risk not being transferred.
• There may be revisions to previous figures due to changes in reporting populations and definitions.
• The data is collected on gross advances, net advances, and new commitments for unsecuritised loans.
• Impaired credit history is defined as having arrears of three months or more, a county court judgment (CCJ) over £500, or being subject to bankruptcy or IVA in the past three years.