Comment on the latest mortgage lending statistics from the Bank of England
Commenting on the Bank of England's Mortgage Lenders and Administrators Statistics 2018 Q1, Steve McNicholas, our Managing Director – Credit and Marketing Data, said:
“It's been a slow start to the year, with mortgage lending down on the previous quarter. However, the value of total advances is up on last year, standing at £62.4 billion, with remortgages now accounting for nearly a third (32.9%) of new lending. Buy-to-let mortgages also saw a rise, suggesting property investors are adapting to the various new tax and regulatory requirements in this sector.
“The proportion of high loan-to-income values has decreased, which is good news and illustrates that lenders are acting with caution. It’s essential for the economy that this continues and that robust affordability and thorough financial background checks remain a priority for lenders, to ensure consumers are not borrowing beyond their means.”