Average house purchase loan up as lending volumes fall
News Category: Industry News
Published: 18-Aug-2010
The average size of a house purchase loan stood at £139,404 in July – the highest since before the credit crunch in 2007.
The finding comes in the National Mortgage Index, a new survey by the Mortgage Advice Bureau and London-based broker firm Coreco.
The average LTV for house purchase mortgages rose to 71.1% but with considerable regional variation: in East Anglia the average LTV was 78.7% but in the South-West it was just 64.3%.
The average LTV on remortgages stood at 55.6%.
Most lenders opted for fixed rate deals, with only 38.8% choosing variable rate products.
By volume, there was a 1.3% fall in the number of house purchase mortgage applications in July compared with the month before.
*For comment on the figures, see today's blog by Brian Murphy of the Mortgage Advice Bureau.
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