New Mortgages granted – April Estimates
The Council of Mortgage Lenders reported on 19th May that April’s estimated figure for gross mortgage lending in the UK would be £18.5 billion. This is 29% lower than last month’s figure, but 16% higher than last April’s figure. The report said that this is “the highest lending total for an April since 2008â€.
Source: Council of Mortgage Lenders
New Mortgages granted – March Actual Figures
On 17th May, the Council of Mortgage Lenders reported on March’s gross mortgage lending for house purchase.
Loans to home-owners in March totalled 69,800, worth £13.8 billion. This is up 59% on February’s in number and up 45% in value. Compared to last March, it is up 60% in number and up 38% in value.
First-time buyer loans totalled 28,100, valued at £4.5 billion, which is up 28% in number and 32% in value on last month. This is 17% higher in number and 29% higher in value, compared to last year.
Home movers’ loans totalled £9.3 billion, and numbered 41,700. These figures are up 75% in terms of value and 60% number on last month. The figures are up 82% in value and up 58% in number on last year.
The number and value of remortgage loans decreased slightly – 28,000 loans worth £4.7 billion were made in March. These figures are 2% lower than last month’s both in terms of volume and value. However, over the year, the figures are up by 0.4% in number and up 7% in value.
Director General of the CML, Paul Smee, stated that “While the increases are substantial, these supercharged levels of activity are likely to be temporary and will fall back over the summer monthsâ€.
Source: Council of Mortgage Lenders
New Mortgages granted – First Quarter Actual Figures
The Council of Mortgage Lenders reports that gross mortgage lending for house purchase by home-owners in Q1 2016 totalled 164,200 loans, worth £30.9 billion. This is 14% lower than Q4 2015 in number but 23% higher in value. Compared to Q1 2015, it is down 11% in number but up 33% in value.
In Q1 2016, first-time buyer loans totalled 71,500, valued at £11.2 billion, which is down 18% in number and down 16% in value on last quarter. This is 12% higher in number and 22% higher in value, compared to Q1 last year.
Home movers’ loans totalled £19.7 billion, and numbered 92,700. These figures are down 9% in terms of number, and down 4% in value on last quarter. However, the figures are up 11% in number and 26% in value on the first quarter last year.
The number and value of remortgage loans increased in the quarter – 90,100 loans worth £15.4 billion were made in Q1. These figures are 1% higher than last quarter’s in terms of volume and 2% higher in value. Compared to Q1 last year, these figures are up by 15% in number and up 25% in value.
Source: Council of Mortgage Lenders
Mortgages – First-time buyers and home-movers – March 2016.
The latest figures from CML (published 17th May 2016) show that first-time buyers’ mortgages average £133,000, which is 82.6% loan-to-value, and 3.34 times income. The proportion of their gross income that buyers are paying to service their mortgages is 18.0% (when including capital repayments). The average age of a first-time buyer is 30 years.
For home-movers, the average loan is £180,000, with a loan-to-value ratio of 74.4%, and 3.04 times income. Income proportion spent on mortgage repayments is 17.8% when including capital repayments, and the average age is 39 years.
Source: Council of Mortgage Lenders
Buy-to-Let Mortgages – March 2016
The Council of Mortgage Lenders reports that during March, the total advanced to landlords on buy-to-let mortgages was £7.1 billion (45,000 loans). This is up 87% in value and up 88% in number than in February. Compared with last March, the number has risen by 142% and the value by 163%.
Source: Council of Mortgage Lenders