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Mortgage advances 'topped £41bn in Q4'
18/03/10
Edited by Bob Witham.New advances on residential property loans hit £41 billion during the fourth quarter of 2009, up two per cent on the previous three months, according to new figures from the Financial Services Authority.
The regulator said that mortgage advances between October and December were eight per cent lower compared to the £45 billion given the green light in the fourth quarter of 2008.
New commitments in the mortgage market were six per cent down on the third quarter at £36 billion, it added.
The lion's share of lending approved between October and December was for residential property purchase rather than remortgaging. Over the quarter, it accounted for 62 per cent of advances and 63 per cent of commitments.
Elsewhere, the FSA said that the number of mortgages falling into arrears during the last three months of 2009 was down by nine per cent on the preceding three months at 41,000 loans.
The total number of mortgage accounts in arrears at the end of the year stood at 378,000.
Earlier this week, the Council for Mortgage Lenders said there were 32,000 loans worth a combined £4.7 billion approved for house purchase in January, down 49 per cent on December.
