High loan-to-income mortgage lending at highest since 2007
Figures from the Bank of England show the proportion of higher loan-to-income lending where mortgages of more than four times the value of annual income for a single buyer remained at 46.9% in quarter four. This is the highest since records began in 2007.
Data from the Bank of England also shows the value of new mortgage lending agreed to be advanced in the coming months was £68.0 billion, 4.6% higher than a year earlier.
As a component of lending for house purchase, the percentage of lending to home movers fell 0.9 percentage points in the year to Q4, to 29.7% of gross advances. The other two components were broadly unchanged in the year with 21.2% of lending to first-time buyers and 12.5% for buy-to-let purchases.
The outstanding value of all residential mortgage loans was £1,442 billion in 2018 Q4, 3.3% higher than a year earlier.
Source: Bank of England
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