Mortgage Lenders and Administrators Statistics - 2020 Q2

Key findings

• The outstanding value of all residential mortgages loans was £1,513.3 billion at the end of 2020 Q2, 3.2% higher than a year earlier (Table A).
• The value of gross mortgage advances in 2020 Q2 was £44.1 billion, 33.3% lower than in 2019 Q2 (Table A and Chart 1).
• The value of new mortgage commitments (lending agreed to be advanced in the coming months) was 53.2% lower than a year earlier, at £34.3 billion (Table A and Chart 1).
• The share of gross advances with interest rates less than 2% above Bank Rate was 73.3% in 2020 Q2, 10.5 percentage points (pp) lower than a year ago. The decrease was driven by the 65 basis point (bp) cut in Bank Rate in March rather than any significant change in mortgage interest rates (Chart 2).
• The share of mortgages advanced in 2020 Q2 with loan to value (LTV) ratios exceeding 90% was 4.9%, 0.6pp lower than a year earlier (Chart 3).
• The share of gross mortgage lending for buy-to-let purposes (covering house purchase, remortgage and further advance) was 14.4%, an increase of 1.2pp from 2019 Q2 (Chart 5).
• The value of outstanding balances with some arrears increased by 2.8% over the quarter to £14.1 billion, and now accounts for 0.93% of outstanding mortgage balances (Chart 6).

Mortgage lenders and administrative statistics - 2020 Q2

Queries

If you have any comments or queries about this release please email mlar@bankofengland.co.uk.

Next release date: 8 December 2020

• Further details about mortgage lenders and administrators statistics
• Further details on MLAR available from the FCA
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