Mortgage lending hits £73.5 billion and 11-year high
Gross mortgage advances reached £73.5 billion and an 11-year high in the third quarter of this year according to figures from the Bank of England.
Data shows the share of new lending to first-time buyers remained steady at 21%, while 4.3% of mortgages advanced in Q3 had loan-to-value ratios exceeding 90%.
The outstanding value of all residential mortgages continued to increase in 2018 Q3 to £1,430 billion, 3.2% higher than a year ago.
Remortgaging, as a proportion of new lending, is 2 percentage points higher than a year ago. While new lending for buy-to-let purposes declined to 12% in Q3, its lowest since 2012 Q4.
Source: Bank of England
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