Lowest level of repossessions since 2008
25 June 2010
The latest figures released by the Financial Services Authority (FSA) has shown that in the first quarter of 2010 mortgage lending fell 11% and reached the lowest figure for two years.
For three consecutive quarters the number of arrears accounts has also fallen, with a 4% decrease in Q1 to 362,000.
The FSA date indicates that outstanding loans now total £1,206bn, which is practically unchanged from the last quarter. New advances reached £32bn, which is 22% lower than in Q4 but at a similar level to the amount seen in Q1 of 2009.
New lending approved at a Loan to Value (LTV) ratio of more than 90% made up 2% of new advances for the third consecutive quarter, whilst lending that combined high LTVs and high income multiples again accounted for less than 1% of new lending.
Since 2007 over 300 regulated mortgage lenders and administrators have been made to submit a Mortgage Lending & Administration Return each quarter, providing data on their mortgage lending activities.
Source: Mortgage Strategy
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These particulars are intended only as general guidance. The Company therefore gives notice that none of the material issued or visual depictions of any kind made on behalf of the Company can be relied upon as accurately describing any of the Specified Matters prescribed by any Order made under the Property Misdescriptions Act 1991. Nor do they constitute a contract, part of a contract or a warranty.
