Key statistics for outstanding UK mortgages

10 May 2010

Here is our round up of the key mortgage market statistics. We don’t expect rates to change today, so instead we also take the opportunity to provide a snapshot of how current outstanding mortgage rates compare with the past.

Key statistics for outstanding UK mortgages:

Number of UK households with a mortgage: 11 million

Average outstanding mortgage: £112,600

The average outstanding mortgage rate (March 2010) was 3.66%

Average monthly payment on a £110,000 repayment mortgage at 3.66%: £566
Average monthly payment on a £110,000 interest-only mortgage at 3.66%: £325

A year earlier (March 2009) the average outstanding rate was 3.83%

Average monthly payment on a £110,000 repayment mortgage at 3.83%: £576
Average monthly payment on a £110,000 interest-only mortgage at 3.83%: £351

The average outstanding mortgage rate over the last ten years was 5.45%

Profile of existing mortgage holders: approximately 38% on fixed rates, 62% on variable rate products.

*Source: CML/Bank of England
Based on repayments at the start of a 25 year mortgage term.

Key statistics for new UK mortgage lending:

Average first-time buyer mortgage (Feb 2010): £100,000

Average home-mover mortgage (Feb 2010): £129,545

Average new mortgage for house purchase (Feb 2010): £117,000

Average gross income for first-time buyer (Feb 2010): £33,299

Average gross income for home mover (Feb 2010): £47,962

Average proportion of income first-time buyers spend on mortgage interest payments (Feb 2010): 13.3%

Average proportion of income home movers spend on mortgage interest payments (Feb 2010): 9.6%

Proportion of all borrowers taking out a fixed-rate mortgage (Feb 2010): 47%

Proportion of borrowers taking out a tracker mortgage (Feb 2010): 36%

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