The outstanding value of all residential mortgage loans was £1.5bn at the end of the fourth quarter of 2019, 3.8% higher than a year earlier, new figures published by the Bank of England (BoE) revealed.

In the BoE’s latest Mortgage Lenders and Administrators Statistics release, the data showed the value of gross mortgage advances during the quarter was £73.4bn, which was broadly unchanged in comparison to the same quarter 12 months earlier.

The value of new mortgage commitments – lending agreed to be advanced in the coming months – was 4.0% higher than a year earlier, at £70.6bn.

The share of mortgages advanced in the final quarter of 2019 with LTV ratios exceeding 90% reached 5.7%, which was 1.4 percentage points higher than the same period a year earlier, while the bank’s figures showed the share of gross mortgage lending for buy-to-let purposes – covering house purchase, remortgage and further advance – was 12.4%. This was consistent with the final quarter of 2018.

The BoE’s figures also showed the value of outstanding balances with some arrears had fallen by 2.1% over the quarter to £13.4bn, and the BoE revealed this now accounted for 0.89% of all outstanding mortgage balances.

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