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Mortgage article 7:Mortgage lending sets a new record; page 3

The Survey of Mortgage Lenders (SML) is a continuous monthly survey produced jointly for the Council of Mortgage Lenders (CML) and the Department of the Environment, Transport & the Regions (DETR). It is based on 5% of mortgage completions from more than 50 lenders and is grossed up to represent the entire mortgage market.

Gross advances represents all new mortgage lending completed in a particular period (not the total mortgage balances outstanding at that time). It includes loans for house purchase, remortgages, further advances and top-up loans. Only Table 1 refers to total gross advances, with the rest of the tables concentrating on loans for house purchase and remortgages (Table 2) or loans for house purchase only (Table 3) and Table 4.

Loans for house purchase and Remortgages. Together, these types of lending account for the vast bulk of gross advances. Table 2 is based on the combined totals of loans for house purchase and remortgages. The average interest rate figures given in Table 2 relate to the gross rates initially charged (ie to any fix or discount, if the initial interest rate is set up on this basis).

First-time buyers and former owner-occupiers form the two constituent groups of those taking out loans for house purchase. The number and proportion of loans for house purchase made to each group are broken down in Table 3.

Table 4 looks at affordability for first-time buyers and former owner-occupiers. It looks at the average percentage advance (so an 80,000 loan on a property worth 100,000 would be an 80% advance, for example) as well as at the advance: income ratio (the multiple of the borrower's income represented by the loan, so a borrower with a 60,000 loan earning 30,000 would have an advance: income ratio of 2).

All figures are provided for the year, for each quarter of the year, and for each month. In addition, figures are provided for the the three month period ending in each of the most recent three months for which figures are available. Providing this type of "rolling" three month total minimises the risk of a distorted picture being obtained based on a single month statistical "blip".

All figures are rounded to the nearest 100 million for value figures and to the nearest thousand for numbers.

None of the figures shown are seasonally adjusted.      End of article - Back to mortgage articles list



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