£40bn worth of mortgages in the pipeline, says FSA
Lenders have agreed to advance £40bn worth of mortgages in the coming months, up 13% on the amount agreed in quarter 1, according to the Financial Services Authority latest mortgage lending data.
The statistics show that in quarter 2 2011, new commitments – the amount of new lending that lenders have agreed to advance in the coming months – totalled £40bn.
The proportion of lending for house purchase, which includes buy-to-let purchases, increased from 54% in quarter 1 to 59% in quarter 2, while the proportion of lending to first-time buyers rose from 14% in quarter 1 to 16% in quarter 2.
Gross advances for house purchase also increased in value terms, up by 22% on quarter 1's figure to reach £21.6bn.
Source: Mortgage Strategy
September 16, 2011
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