The total value of outstanding mortgages in the UK is on the rise, with such loans increasing over the second quarter of 2011 by 0.2 per cent when compared with the previous three-month period.
According to the Financial Services Authority (FSA) and the findings of its Mortgage Lending and Administration Returns, such a climb means the value across the second quarter of this year came to £1,214 billion.
In addition, the research revealed new advances in the time frame totalled £37 billion, marking an 11 per cent increase on that recorded for the year’s first quarter.
New commitments over the second quarter amounted to £40 billion – a jump of 13 per cent – while lending for house purchase accounted for more than 59 per cent of new advances and 61 per cent of new commitments.
The FSA is the financial regulator for the UK and its objectives and powers derive from the Financial Services and Markets Act 2000.
