Interesting Residential Mortgage Lending Statistics For Q2 2019

The Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA) have jointly published some interesting figures relating to the residential mortgage market here in the UK for the second quarter of 2019. These figures have been collated from data provided by about 340 regulated mortgage lenders and administrators.

All the data can be found on the FCA website but below we highlight some of the statistics: –

• In the second quarter of 2019, the total value of gross mortgage lending amounted to £66.1 billion. This figure was 1% less than for the same period in 2018.

• In the second quarter of 2019, the total outstanding value of mortgage loans for residential purposes amounted to £1,461 billion. This figure was 3.1% more than for the same period last year.

• In the second quarter of 2019, the percentage of the gross mortgages advanced to owner-occupiers to buy a property was 50.5%. First time buyers made up for 21.3% of this figure with this being similar to Q2 of 2018.

• In the second quarter of 2019, buy to let mortgages made up 13.1% of gross mortgage lending with this being similar to the same period last year.

• It is interesting that the number of mortgages completed in Q2 of 2019 with a loan to valuation (LTV) of over 90% amounted to 5,5%.

The residential mortgage market is obviously up and down during certain times of the year reflected in the fact that people buying and selling homes tends to be at their busiest for a few months from the spring. There is an awful lot of competition amongst lenders providing residential mortgages here in the UK that can only be good news for borrowers as there are many different lending schemes to choose from. If you are looking for a mortgage, there are a number of ways you can do this such as sourcing one yourself or you could use the services of a broker.

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