Figures from the Bank of England and Financial Conduct Authority (FCA) have seen new mortgage agreements fall to the lowest level in 10 years.
In the second quarter (Q2) of 2020 new mortgage lending commitments by mortgage lenders dropped to £34.4 billion, a 50% fall on the previous quarter of £67.3 billion and a 53% decline on the same period last year of £73.4 billion according to the Mortgage Lenders and Administrators statistics.
The level of new commitments is now the lowest since the first quarter of 2010 at £33.7 billion.
The value of gross mortgage advances also fell 33% to £44.1 billion lower than the previous year of £66.1 billion.
There was also a slight drop to 36.5% in mortgage lending that exceeded 75% loan to value (LTV) a fall of 3.2% compared to last year.
There was a yearly rise from 1.2% to 14.4% in 'buy to let' lending and 85.6% were owner occupiers’ advances compared to the same period last year
Well no surpises there! mortgage numbers dropping for April, May and June 2020. We wonder why?