New mortgage lending up 20% in Q3: FSA

The total value of outstanding loans is now £1.2bn, an increase of 1% compared to a year earlier. Lending for house purchase continues to represent an increasing share of new lending, accounting for 57% of new advances and 62% of new commitments in Q3. Remortgages accounted for 34%, the lowest proportion since the data was first released in 2007. The proportion of new lending at an LTV of more than 90% continued to fall and accounted for less than 2% of new advances in the quarter. The use of combinations of high LTVs and high income multiples also continued to decrease, down to 1%...