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Regulated Mortgage Survey

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http://www.cml.org.uk/cml/media/press/798

13/06/2006

New data published today from the CML regulated mortgage survey (RMS) reveals that in April fixed rate mortgages accounted for 71% of all loans for house purchase and remortgage. This figure is 2% higher than in March, and 17% more than in April 2005. The increasing popularity of fixed rate products reflects attractive deals being offered by lenders, coupled with consumers wanting to lock into low-rate long-term deals.

Our survey also found that loans for house purchase accounted for 46% of all loans in April - up from 43% in March, but slightly lower than the 45% achieved in the same month last year. Remortgaging accounted for 36% of all loans, and this is slightly lower than in March, but down by 5% on April 2005.

Loans to first-time buyers totalled 30,700 in April and our survey reveals that the average first-time buyer loan size is now £106,400, up from £103,839 in March and significantly higher than the £94,995 in April last year. In April, first-time buyers borrowed 3.21 times their income to get a mortgage, up from 3.15 times in the previous month. However, mortgage interest payments as a proportion of income have actually fallen to 16.2%, from a peak of 17% in June 2005.

Commenting on the figures, CML Director General Michael Coogan said:

“Today's data confirms that the market is in good shape. The strong take-up of fixed-rate deals is encouraging because they give consumers confidence in their mortgage payments and allow them to plan ahead financially.

“It is also interesting to see that while both first-time buyers and movers are borrowing a greater multiple of their income to get a mortgage, their payments as a proportion of income are lower than in the same period last year. This is potentially due to the higher take-up of attractive fixed-rate products over the past year.”

Notes to editors

1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 98% of all residential mortgage lending in the UK. There are 11.6 million mortgages in the UK, with loans worth around £1 trillion.

2. The regulated mortgage survey (RMS) will next be published on Tuesday 11 July, and will include data up to and including May 2006.

Documents

ML1: Gross mortgage lending by type of advance

ML2: First-time buyers, lending and affordability

ML3: Home movers, lending and affordability

ML4: All loans for house purchase, lending and affordability

ML5: Fixed and variable rate lending, house purchases and remortgages

ML6: Methods of repayment

ML7: Distribution of property valuations

Contact Details

Name: Christopher Dean

Tel: 020 7440 2262

Email: christopher.dean@cml.org.uk

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Well, here is some information. % of income for FTB spent on servicing their debt is normal, and the average FTB age is normal.

Also Below is a graph of the distribution of loans. As you can see in 1990 20% had a LTV of greater than 100%.

Age	Advance	Earnings	LTV	Multiple	% of incomeYear	median	median	median	median	median	median1974	26	 6,400 	 2,916 	84	2.18	16.31975	27	 7,200 	 3,500 	86	2.07	15.01976	27	 8,000 	 4,000 	88	1.99	14.31977	27	 8,376 	 4,451 	88	1.85	13.31978	.	 . 	 . 	.	.	.1979	26	 11,250 	 6,000 	86	1.86	15.51980	26	 13,000 	 7,392 	84	1.73	18.41981	27	 14,542 	 7,747 	88	1.82	17.91982	28	 15,000 	 8,040 	93	1.83	16.81983	28	 16,000 	 8,316 	94	1.92	14.71984	27	 17,950 	 9,028 	94	1.99	16.81985	27	 19,112 	 9,806 	95	2.00	19.21986	27	 22,000 	 10,669 	95	2.10	17.81987	27	 23,000 	 11,300 	95	2.12	17.91988	28	 25,650 	 12,500 	95	2.22	18.51989	29	 29,000 	 13,780 	95	2.22	23.51990	28	 35,000 	 15,500 	95	2.31	27.11991	27	 36,480 	 16,000 	95	2.32	21.81992	28	 36,337 	 16,120 	95	2.31	17.51993	29	 36,000 	 15,997 	94	2.33	13.21994	29	 36,498 	 16,120 	95	2.34	12.01995	28	 38,000 	 16,680 	95	2.37	12.51996	28	 39,811 	 17,308 	95	2.36	11.21997	29	 41,800 	 18,080 	95	2.37	14.11998	29	 45,000 	 19,600 	93	2.38	15.01999	30	 49,000 	 21,141 	90	2.41	12.92000	30	 51,253 	 22,018 	90	2.42	14.32001	30	 56,950 	 23,700 	90	2.48	13.42002	31	 69,000 	 26,644 	90	2.67	12.22003	31	 76,412 	 27,137 	89	2.83	11.82004	31	 90,000 	 29,270 	87	3.03	15.02005	29	 99,633 	 32,217 	90	3.08	16.42006	28	 106,400 	 33,165 	90	3.21	16.2LTV , distribution				Average	16.0

houseLTV.gif

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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