Mortgage Market Update – Dec ’15

New Mortgages granted – October Estimates
The Council of Mortgage Lenders reported on 19th November that October’s estimated figure for gross mortgage lending in the UK would be £21.8 billion. This is 8% higher than September’s figure, and 19% higher than last October’s figure. “This is the highest monthly figure since gross lending reached £23.6 billion in July 2008” the report said.
Source: Council of Mortgage Lenders

New Mortgages granted – September Actual Figures
The Council of Mortgage Lenders reports (11th November) that gross mortgage lending for house purchase by home-owners in September totalled 62,300 loans, worth £11.2 billion. This is no change from August’s in number and 0.9% lower in value. Compared to last September, it is up 8.2% in number and up 14.3% in value.
Of these, first-time buyer loans totalled 28,600, valued at £4.3 billion, which is up 4.0% in number and 2.4% in value on last month. This is 8.7% higher in number and 10.3% higher in value, compared to last year.
Home movers’ loans totalled £6.8 billion, and numbered 33,800. These figures are down 2.9% in terms of value, and down 4.2% in number on last month.  However, the figures are up 8.0% in value and up 15.3% in number on last year.
The number and value of remortgage loans increased in the month – 31,000 loans worth £5.1 billion were made in September. These figures are 20.2% higher than last month’s in terms of volume and 18.6% higher in value. Over the year, these figures are up by 11.1% in number and up 18.6% in value.
Source: Council of Mortgage Lenders

Mortgages – First-time buyers and home-movers – September 2015.
The latest figures from CML (published 11th November 2015) show that first-time buyers’ mortgages average £127,800, which is 82.2% loan-to-value, and 3.45 times income. The proportion of their income that buyers are paying on interest is 9.7%, but this rises to 18.3% when including capital repayments.
For home-movers, the average loan is £167,495, with a loan-to-value ratio of 72.2%, and 3.16 times income. Income proportion spent on interest is 7.5%, which rises to 18.1% when including capital repayments.
Source: Council of Mortgage Lenders

Buy-to-Let Mortgages – September 2015
The Council of Mortgage Lenders reports that during September 2015, the total advanced on buy-to-let mortgages was £3.7 billion (24,100 loans). This is up 8.8% in value and up 8.6% in number than in August. Compared with last September, the number has risen by 36.2% and the value by 48.0%.
12,700 loans worth £2.1 billion were for remortgage – an increase of 10.4% in number and of 10.5% in value on the previous month. Compared to last September, the figures are up 42.7% in number and up 61.5% in value.
Buy-to-Let loans for house purchase totalled 11,300 worth £1.5 billion, a rise of 7.6% in number and of 7.1% in value on last month, and a rise of 29.9% in number and of 36.4% in value on September 2014.
Source: Council of Mortgage Lenders

New Mortgages granted – Third Quarter Actual Figures
The Council of Mortgage Lenders reports that gross mortgage lending for house purchase by home-owners in Q3 2015 totalled 193,600 loans, worth £34.9 billion. This is 18.0% higher than Q2 2015 in number and 24.2% higher in value. Compared to Q3 2014, it is up 5.3 in number and 10.4% in value.
In Q3, first-time buyer loans totalled 86,800, valued at £13.2 billion, which is up 13.5% in number and 16.8% in value on last quarter. This is 5.7% higher in number and  8.2% higher in value, compared to Q3 last year.
Home movers’ loans totalled £21.6 billion, and numbered 106,700. These figures are up 21.9% in terms of number, and up 29.0% in value on last quarter.  The figures are up 5.1% in number and 11.9% in value on the third quarter last year.
The number and value of remortgage loans also increased in the quarter – 88,000 loans worth £14.6 billion were made in Q3. These figures are 4.3% higher than last quarter’s in terms of volume and 8.1% higher in value. Compared to Q3 last year, these figures are up by 16.7% in number and up 24.8% in value.
Gross figures for Buy-to-Let lending in Q3 was 71,500 loans worth £10.9 billion. This is 23.3% higher in number and 23.9% higher in value on Q2. Compared to last year, the number is up by 37.8% and the value up by 49.3%.
Source: Council of Mortgage Lenders

Outstanding Mortgages – October 2015
By the end of October, the total outstanding mortgage lending in the UK amounted to £1.279 trillion. Last October it was £1,252 trillion. This averages to £115,448 for each of the 11.1 million households with mortgage debt.
Source: The Money Charity