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Building Society / Mutuals Mortgage Lending, UK Period


Gross lending £m


1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012


n/a n/a n/a n/a n/a


34,847 33,714 39,838 27,797 20,717 25,873 24,927 25,903 34,992 46,300 46,862 43,515 52,591 51,692 37,483 18,574 20,415 23,628 30,701


Repayments of principal £m


n/a n/a n/a n/a n/a n/a n/a n/a n/a


13,396 16,423 17,646 21,258 27,093 30,283 34,045 34,624 40,523 42,381 33,099 27,239 27,844 26,352 24,730


Net lending £m


n/a n/a n/a n/a n/a


12,480 9,169


12,853 11,277 7,867


10,567 8,930 6,408


10,214 18,665 17,078 13,063 16,447 12,890 4,960 -7,367 -6,240 -2,252 6,526


Net new approvals £m


46,935 41,804 40,429 30,857 30,268 34,936 33,725 40,362 28,143 20,473 25,438 24,284 24,757 35,760 46,633 43,732 42,978 53,199 48,656 32,646 16,017 19,336 23,083 30,573


Notes: 1. Mortgage lending is made up of loans to individuals and housing associations secured on dwellings. 2. Gross lending is the total value of residential mortgage loans advanced and loans advanced to housing associations by societies in the period, including loans for house purchase, further advances, remortgages etc.


3. Repayments of principal are the amount of residential mortgage borrowing repaid to societies in the period. Repayments may be full redemptions where a loan has been held to maturity and then repaid in full (often with the proceeds from an endowment or other investment vehicle) or been refinanced in some way (eg with a remortgage), lump-sum payments which reduce but do not eradicate the outstanding mortgage debt, or regular payments of capital.


4. Net lending is approximately gross lending minus (ie net of) repayments of principal. This is calculated as the increase/decrease in total mortgage balances outstanding, so also includes other transfers, and items such as interest charged during the month less interest paid, fees charged, write-offs, etc.


5. Approvals (also sometimes called commitments) indicate the value of mortgage loan applications which have newly proceeded to the stage where a satisfactory property valuation has been obtained and the society has agreed in principle to lend. The advance of mortgage money depends only on the satisfactory conclusion of legal processes. Although it is possible for transactions not to proceed, approvals typically lead the actual mortgage advance by several weeks. Building society figures are shown net of any cancellations which have been made since the previous period. Approvals data relates to all residential mortgage lending, including loans for house purchase, further advances, remortgages etc.


6. Figures exclude all plcs converted from building societies after the point of conversion. 7. Individual figures may not add up to totals due to rounding. 8. From August 2009, Britannia is not included in building society sector data. 9. Figures from 2010 onwards relate to mutual lenders.


Source: Bank of England


www.bsa.org.uk


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