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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