Value of new mortgage lending falls by quarter in a year

Total values of new mortgage lending fell by a third (33.5%) in the final three months of last year, compared with the previous three months, Bank of England data show. The £58.4bn of lending agreed was 24.5% less than a year earlier, according to Bank figures. The share of mortgages advanced in the fourth quarter of 2022 with LTV (loan-to-value) ratios above 75% decreased by 1.4 percentage points compared with the previous quarter, to 37.0%, but remained slightly higher than a year earlier. The value of outstanding balances with arrears increased for the first time since the first quarter of 2021, by 4.6% to £13.6bn. Around 72,000 homeowners are now behind on payments. The share of mortgages in arrears rose from 0.78% to 0.81% of total outstanding.

Daily Mail (14/03/2023)   The Daily Telegraph (14/03/2023)   The Independent (14/03/2023)