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Mortgage lending rose by 11pc in Q3

New statistics from the Bank of England (BoE) and Financial Conduct Authority (FCA) reveal that mortgage advances increased by 11% year-on-year in the third quarter of 2015.

Data from the Bank shows that residential loans rose to £62.1bn in Q3 2015.

This is up from £52.5bn in the second quarter of 2015 and £55.9bn in the third quarter of 2014.

It is said that the spike in demand has been driven by record low mortgage rates; a result of increased lender competition and a continually low base rate.

The overall average interest rate on gross advances decreased in the third quarter of 2015 to 2.76%, the lowest rate since the series began in 2007.

It is thought that the proportion of gross advances at fixed rates increased by 1.8% in Q3 due to threats that Bank Rate might increase sooner rather than later.

Gross advances above 90% LTV have dropped, on a quarterly basis, by 0.7%.

Buy to let lending has experienced an increase in value terms in over the past year - from £8.0 billion advanced in Q3 2014 to £9.7 billion in Q3 2015.

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NB: ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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