Mortgage Market Update

Various sources are claiming that now is as good a time to buy a property as there has ever been, with interest rates low and the property market surging forward. With that in mind, we have compiled stats from various sources around the country to give you a complete view of the mortgage market, in case you are looking to invest…

New Mortgages granted – December Estimates

The Council of Mortgage Lenders reported on 22nd January that December’s estimated figure for gross mortgage lending in the UK would be £16.5 billion. This is the same as last month’s figure, but 1% down on last December’s figure.

Source: Council of Mortgage Lenders

Next figures to be published 19th February 2015


New Mortgages granted – November Actual Figures

The Council of Mortgage Lenders reports that gross mortgage lending in November was worth £16.5 billion. This is lower than October’s £18.6 billion by 11.1% and is down 3% on last November’s figure.

Of these, first-time buyer loans totalled 25,900, valued at £3.6 billion, which is down 11.3% in number and 11.6% in value on last month. This is 3.4% lower in number, but 5.5% higher in value, compared to last year.

Home movers’ loans totalled £9.2 billion, and numbered 55,600. These figures are down 12.4% in terms of number, and 13.2% in value on last month, and are down 6.6% in number and 1.1% in value on last year.

The number and value of remortgage loans also fell in the month – 24,000 loans worth £3.6 billion were made in November. These figures are 8.0% lower than last month’s in terms of volume and 10.0% down in value. Over the year, these figures are down by 16.1% in number and down 14.3% in value.

Next figures to be published 17th February 2015

Mortgages – First-time buyers and home-movers – November 2014.

The latest figures from CML (published 14th January 2015) show that first-time buyers’ mortgages average 83% loan-to-value, and are 3.37 times income. The proportion of their income that buyers are paying on interest stands at 11.6%, but this rises to 19.3% when including capital repayments.

For home-movers, the loan-to-value ratio is 71%, at 3.01 times income. Income proportion spent on interest is 8.8%, which rises to 18.4% when including capital repayments.

Source: Council of Mortgage Lenders


Buy-to-Let Mortgages

The Council of Mortgage Lenders reports that during November 2014, the total advanced on buy-to-let mortgages was £2.4 billion (17,700 loans). This is lower than October’s in number by 9.7% and in value by 11.1%, but higher than last November’s by 9.3% and 14.3% respectively.

8,600 loans worth £1.1 billion were for remortgage – a decrease of 7.5% in number and 7.1% in value on the previous month. Compared to last November, the figures are up 11.7% in number and up 18.2% in value.

Buy-to-Let loans for house purchase totalled 8,900 worth £1.1 billion, a drop of 11.9% in number and 8.3% in value on last month, but a rise of 6.0% in number and 10.0% in value on November 2013.

Source: Council of Mortgage Lenders

Next qtrs figures to be published 17th February 15


Outstanding Mortgage Debt

Outstanding secured (on dwellings) lending in the UK totalled £1.294 trillion at the end of November 2014. This is up from the previous November’s £1.274 trillion.

The average outstanding mortgage for the 11.1m households who currently have mortgages is estimated at £116,327 in November 2014.

Source: The Money Charity


Comment on this article