The value of new mortgage commitments was up 24.2% annually to reach £87.7bn, and is at the highest level since 2007 according to the Financial Conduct Authority (FCA).
The quarterly mortgage lending statistics data also shows that the outstanding value of all residential mortgage loans was £1,541.4bn at the end of Q4 2020, 2.9% higher than a year earlier.
The value of gross mortgage advances in Q4 2020 was £76.6bn, 4.2% higher than in Q4 2019.
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Since the beginning of 2007, am estimated 340 regulated mortgage lenders and administrators have been required to submit a Mortgage Lending and Administration Return (MLAR) each quarter, providing data on their mortgage lending activities.
The FCA and the Prudential Regulatory Authority (PRA) both have responsibility for the regulation of mortgage lenders and administrators so this data publication is joint.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “The highest volume of mortgage commitments since 2007 has been fuelled by the stamp duty holiday.
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“It not only means that brokers will have a very healthy pipeline of business throughout the start of this year but also there is plenty of momentum in the market.
“The stamp duty holiday extension until the end of June should help to maintain high volumes but brokers need to be mindful of the time it takes for offers to complete. New buyers or movers need to have contingency plans in case they miss the June deadline and are faced with a tax bill.
“The huge numbers in Q4 have been fuelled mainly by movers and first time buyers but there is still a large market out there for remortgage business.”
By Jake Carter
Source: Mortgage Introducer
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