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Facts About Mortgages
11 million mortgages in the UK 2021
share of people aged 45-54 buying a house with a mortgage was 28.7% (Statista)
469,000 homeowner re-mortgages in the UK in 2021
Couples with dependent child(ren) as a share of mortgage borrowers was 32.4% (Statista)
3.56% is the average mortgage rate 2022 in the UK
The market share of the biggest mortgage lender Lloyds banking group was 19.5% (Statista)
100 mortgage lenders in the UK
The value of gross mortgage advances in 2021 Q4 was £70.2 billion, 8.4% lower than in 2020 Q4, and the lowest level since 2020 Q3. (FCA)
Which mortgage is best for me
To answer that question, you need to obtain financial advice from a qualified Mortgage Advisor. But before you do that you need to understand more about the types of mortgages so that when you meet with an Advisor you are not clueless and need to take their words as gospel. The more informed you are the better the chances you have of getting the right mortgage.
The first thing to consider is your own position
Your family situation matters - are you buying a property with a partner, with children (existing or planned?
Is this your first mortgage, are you re-mortgaging your existing property or are you moving house?
Is the mortgage actually for a property you plan to live in, or is it for a property you intend to rent out (known as a buy-to-let mortgage)?
Then there's the type of mortgage - is the capital repaid at the end of the term or not (repayment or interest only), how is the interest rate set out (e.g. fixed or variable), and some specialist types of mortgage.
See some details in the tabs below.
Mortgages by purpose
The chart here from Statista (sources FCA and Bank of England) shows the split between mortgages used for house purchase, remortgage, buy to let and buy to let remortgage.
Gross advances on residential loans issued to individuals in the United Kingdom (UK) from 2015 to the second quarter of 2021 in this statistic are distributed by loan purpose. In the second quarter of 2020, the share of house purchase loans dropped due to the coronavirus pandemic and the disruption of normal business activities. This share recovered in the following quarters and reached over 75 percent in the second quarter of 2021.
- Note the loans for house purchase dropped in Q2 2020 because of the pandemic, but recovered in the following quarters. So the %-age of mortgages for home ownership is again at pre-pandemic levels at 53.0%, down 10.9pp from 2020 Q4.(FCA)
- The share of gross advances for remortgages for owner occupation also moved towards levels observed before the pandemic, at 28.1%, an increase of 9.7pp since 2020 Q4.(FCA)
- The outstanding value of all residential mortgage loans was £1,613.4 billion at the end of 2021 Q4, 4.7% higher than a year earlier.
- The value of gross mortgage advances in 2021 Q4 was £70.2 billion, 8.4% lower than in 2020 Q4 as shown above in Facts, and this is the lowest level since 2020 Q3.
Click on any of the tabs on the right to see more information
Government backed mortgage scheme
Lifetime Individual Savings Account (LISA)
You can use a LISA to buy your first home (for a property costing £450,000or less) or save for later life. You must be aged between 18 and 39 to open a LISA.
You can put in up to £4,000 each year, until you’re 50. You must make your first payment into your ISA before you’re 40. The government will add a 25% bonus to your savings, up to a maximum of £1,000 a year.
If you’re buying with another first-time buyer who also has a LISA, you can both use your LISA towards the same property.
Be aware that there’s a penalty for taking money out of a LISA if you’re not putting it towards a deposit or withdrawing after age 60.
Click on any of the tabs on the right to see more information
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