Mortgage Lenders and Administrators Statistics - 2024 Q3

The Mortgage Lenders and Administrators Return (MLAR) is a quarterly statistical release aggregated from data on mortgage lending activities provided by around 340 regulated mortgage lenders and administrators.
Published on 10 December 2024

Key findings

  • The outstanding value of all residential mortgage loans increased by 0.6% from the previous quarter to £1,670.9 billion, the highest stock of outstanding mortgage loans since 2023 Q1, and was 0.8% higher than a year earlier (Table A).1
  • The value of gross mortgage advances increased by 8.9% from the previous quarter to £65.5 billion, the highest new advances since 2022 Q4, and was 6.7% higher than a year earlier (Table A and Chart 1).
  • The value of new mortgage commitments (lending agreed to be advanced in the coming months) decreased by 1.3% from the previous quarter to £66.0 billion, but remained 34.2% higher than a year earlier (Table A and Chart 1).
  • The share of gross mortgage advances with loan-to-value (LTV) ratios exceeding 90% increased by 0.6pp from the previous quarter to 6.6%, the highest share since 2008 Q2, and was 1.6pp higher than a year earlier (Chart 3).
  • The share of gross mortgage advances for house purchase for owner occupation increased by 6.9pp from the previous quarter to 64.4%, the highest share since 2021 Q2, and was 6.1pp higher than a year earlier (Chart 5).
  • The share of gross advances for remortgages for owner occupation decreased by 5.8pp from the previous quarter to 22.8%, and was 7.0pp lower than a year earlier (Chart 5).
  • The share of gross mortgage advances for buy-to-let purposes (covering house purchase, remortgage and further advance) decreased by 1.1pp from the previous quarter to 7.9%, but remained 0.5pp higher than a year earlier (Chart 5).
  • New arrears cases (as a proportion of total outstanding balances with arrears) decreased by 1.3pp from the previous quarter to 9.7%, and was 6.3pp lower than a year earlier.
  • The value of outstanding mortgage balances with arrears decreased by 0.4% from the previous quarter to £21.9 billion, but remained 17.5% higher than a year earlier (Chart 6). The proportion of the total mortgage loan balances with arrears, relative to all outstanding mortgage balances, has stayed the same as the previous quarter at 1.3%, but remained 0.2pp higher than a year earlier.

Table A: Residential loans to individuals, flows and balances

Regulated and non-regulated mortgages *£ billions

Not seasonally adjusted

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

2022

2023

2024

Flows

Gross advances

81.6

58.6

52.1

61.4

52.9

51.6

60.2

65.5

New commitments

58.3

45.8

59.5

49.2

46.0

60.1

66.9

66.0

Amounts outstanding

1,675.3

1,676.0

1,656.6

1,657.4

1,656.3

1,655.2

1,661.3

1,670.9

*This data covers regulated mortgage lending, and non-regulated mortgage lending by firms which undertake regulated mortgage lending or administration of regulated mortgages.

Graphical Analysis

  • The value of gross mortgage advances increased by 8.9% from the previous quarter to £65.5 billion, the highest new advances since 2022 Q4, and was 6.7% higher than a year earlier (Table A and Chart 1).2
  • The value of new mortgage commitments (lending agreed to be advanced in the coming months) decreased by 1.3% from the previous quarter to £66.0 billion, but remained 34.2% higher than a year earlier (Table A and Chart 1).3

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  • The share of gross mortgage advances with interest rates less than 2% above Bank Rate (including at or below Bank Rate) decreased by 0.4pp from the previous quarter to 96.6%. This was the same as a year earlier (Chart 2).4
  • The share of advances with interest rates between 2% and up to 3% above Bank Rate increased by 0.2pp from the previous quarter to 1.4%, but remained 0.1pp lower than a year earlier. The share of advances with interest rates 3% or more above Bank Rate increased by 0.2pp from the previous quarter to 2.0%, and was 0.1pp higher than a year earlier.5,6

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  • The share of gross mortgage advances with loan-to-value (LTV) ratios exceeding 90% increased by 0.6pp from the previous quarter to 6.6%, the highest share since 2008 Q2, and was 1.6pp higher than a year earlier (Chart 3).7
  • Within this, the share of mortgages advanced with LTVs over 95% has stayed the same as the previous quarter at 0.4%, and was 0.1pp higher than a year earlier.8
  • The share of gross mortgage advances with loan-to-value (LTV) ratios exceeding 75% increased by 1.8pp from the previous quarter to 44.5%, the highest share since 2008 Q1, and was 5.1pp higher than a year earlier.9

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The proportion of lending to borrowers with a high loan to income (LTI) ratio increased by 2.9pp from the previous quarter to 45.3%, but remained 0.1pp lower than a year earlier (Chart 4).10 Borrowers with high LTI are defined here as:

  • Borrowers with single income who had a LTI ratio of 4 or above. This increased by 1.2pp from the previous quarter to 9.5%, and was 0.8pp higher than a year earlier.11
  • Borrowers with a joint income who had a LTI ratio of 3 or above. This increased by 1.7pp from the previous quarter to 35.8%, but remained 0.9pp lower than a year earlier.12

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  • The share of gross mortgage advances for buy-to-let purposes decreased by 1.1pp from the previous quarter to 7.9%, but remained 0.5pp higher than a year earlier (Chart 5). The share of advances to owner occupiers was 92.1%.13,14
  • Of the 92.1% of advances for owner occupiers, the share of gross advances for remortgages for owner occupation decreased by 5.8pp from the previous quarter to 22.8%, and was 7.0pp lower than a year earlier. The share of gross mortgage advances for house purchase for owner occupation increased by 6.9pp from the previous quarter to 64.4%, the highest share since 2021 Q2, and was 6.1pp higher than a year earlier. Further advances and other mortgages (including lifetime mortgages) has stayed the same as the previous quarter at 4.9%, but remained 0.4pp higher than a year earlier.15,16,17
  • Of the 64.4% of advances for house purchases by owner occupiers, lending to first time buyers increased by 1.9pp from the previous quarter to 29.3%, the highest share since reporting began in 2007, and was 3.1pp higher than a year earlier. The share advanced to home movers increased by 5.0pp from the previous quarter to 35.1%, the largest increase since 2020 Q4, and was 2.9pp higher than a year earlier.18,19

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  • New arrears cases (as a proportion of total outstanding balances with arrears) decreased by 1.3pp from the previous quarter to 9.7%, and was 6.3pp lower than a year earlier.20 Arrears are defined as the borrower failing to make contractual payments where the balance owed is equivalent to at least 1.5% of the outstanding mortgage balance or where the property is in possession.
  • The value of outstanding mortgage balances with arrears decreased by 0.4% from the previous quarter to £21.9 billion, but remained 17.5% higher than a year earlier (Chart 6).21
  • Of the £21.9 billion of outstanding mortgage balances with arrears, non-regulated mortgages (including buy-to-let loans and other residential lending to individuals where the property is not for use by the borrower or qualifying dependents) increased by 0.1% from the previous quarter to £5.0 billion, and was 21.0% higher than a year earlier (Chart 6).22
  • The proportion of the total mortgage loan balances with arrears, relative to all outstanding mortgage balances, has stayed the same as the previous quarter at 1.3%, but remained 0.2pp higher than a year earlier.
  • The number of new possessions in 2024 Q3 increased by 4.6% from the previous quarter to 2,074, and was 45.5% higher than a year earlier. 24
  • The total stock of possessions increased by 7.6% from the previous quarter to 6,976, and was 42.4% higher than a year earlier. 25

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1 Table 1.11 sub table A row 9
2 Table 1.21 sub table C row 1
3 Table 1.21 sub table C row 3

4 Table 1.22 sub table C row 3 (less than 2% above)
5 Table 1.22 sub table C row 4 (2.00% to 2.99% above)
6 Table 1.22 sub table C row 5 + row 6 (3% or more above)
7 Table 1.31 sub table C row 19 + row 20
8 Table 1.31 sub table C row 20
9 Calculated as 100% of all mortgages less those <= 75% LTV (Table 1.31 sub table C row 21 - row 17)
10 Table 1.31 sub table C row 5 + row 13
11 Table 1.31 sub table C row 5
12 Table 1.31 sub table C row 13
a The ‘Other’ category is used when the loan assessment is based, only partly or not at all, on one or more persons’ incomes. Further details can be found in the FCA Handbook.
13 Table 1.33 sub table C row 4 (buy-to-let)
14 Calculated as 100% of all mortgages less those for buy-to-let purposes (100% - Table 1.33 sub table C row 4) (owner-occupation)
15 Table 1.33 sub table C row 6 (remortgage)
16 Table 1.33 sub table C row 2 + row 3 (house purchase owner occupation)
17 Table 1.33 sub table C row 5 + row 9 (further advance and other)
18 Table 1.33 sub table C row 2 (first-time buyers)
19 Table 1.33 sub table C row 3 (home movers)
20 Table 1.7 sub table C row 4
21 Table 1.7 sub table C row 10
22 Table 1.7 sub table B row 10
23 Table 1.7 sub table C row 11
24 Table 1.7 sub table C row 29
25 Table 1.7 sub table C row 31

Queries

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

Next release date: 11 March 2025

More information

Long run versions of the summary and detailed tables are now available in Excel format, for data going back to Q1 2007. These have been sourced from data published by the FSA on their archive pages prior to Q1 2013 and data published by the Bank of England from Q1 2013.

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