Welcome to our Mortgage Rates Payment Calculator UK Site, we hope you find the tools helpful, if you have any queries about the mortgage tools or the site in general please let us know here Queries about Mortgage Rates Payment Calculator UK
Mortgage article 7:Mortgage lending sets a new record; page 3
EXPLANATORY NOTE ON THE "SML" FIGURES
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
Simply enter your name and email address below to access all mortgage services free of charge, note we will never pass your details to third parties Security Policy
Alternatively if you wish one of our advisors to source best uk mortgage rate on your behalf - click here
We recommend the above option particularly if you have had credit problems ie ccjs, defaults, arrears, repossession or bankruptcy as these can be difficult mortgage cases - more about adverse credit click here
Find best uk mortgage rates and cheapest repayments online using our UK mortgage calculator or use one of our mortgage advisors to guide you through the best lenders and compare monthly mortgage payments
Main page for poor or bad credit history mortgages
Credit repair mortgages
Discharged or ex bankrupts mortgages
Mortgages for people who have had homes repossessed
Mortgages for people with ccjs, defaults or arrears
Poor or bad credit history mortgages
Right to buy council house purchase mortgages