The outstanding value of all residential mortgage loans was £1,486 billion in 2019 Q3, 3.9% higher than a year earlier, and the value of gross mortgage advances was £73.3 billion, which was broadly unchanged in comparison to the same quartter last year.
The value of mortgages coming down the pipelin - lending agreed to be advanced in the coming months - was 1.1% higher than a year earlier, at £73.8 billion.
The share of gross mortgage lending for buy-to-let purposes (covering house purchase, remortgage and further advance) was 12.3%, consistent with 2018 Q3.
The value of outstanding balances with some arrears fell significantly to £13.7 billion, and now accounts for 0.92% of outstanding mortgage balances.
Kevin Roberts, director at Legal & General Mortgage Club, comments:
“It’s clearly been business as usual for the mortgage market. Despite the political indecision, people across the country are still going ahead with their plans to remortgage, buy their first home or move up the ladder. There are some fantastic deals available to borrowers and thousands are taking advantage of a competitive market and record-low rates to make their housing ambitions a reality. Amidst the uncertainty and competition, many of these borrowers are drawing on the expertise of a mortgage adviser to help them navigate the market and find the best deal for their needs. In fact, 95% of consumers who used an adviser to find their mortgage would recommend their family or friends do the same.”
