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Mortgage gross lending – all new lending done in a given period, including remortgaging and new loans for house purchase. Mortgage balances outstanding – the total mortgage balances outstanding at a given point of time. Net mortgage lending – the total change in balances outstanding between two points in time, this can also be calculated ...
The UK mortgage market is one of the most innovative and competitive in the world. There is little intervention in the market by the state or state funded entities and virtually all borrowing is funded by either mutual organisations (building societies and credit unions) or proprietary lenders (typically banks).
Buy-to-let mortgage is a mortgage arrangement in which an investor borrows money to purchase property in the private rented sector in order to let it out to tenants. Buy-to-let mortgages have been on offer in the UK since 1996. [6] Lenders calculate how much they are willing to lend using a different formula than for an owner-occupied property.
The two main kinds of DTI are expressed as a pair using the notation / (for example, 28/36).. The first DTI, known as the front-end ratio, indicates the percentage of income that goes toward housing costs, which for renters is the rent amount and for homeowners is PITI (mortgage principal and interest, mortgage insurance premium [when applicable], hazard insurance premium, property taxes, and ...
Technically the term "mortgage" refers to the security interest in the collateral, but in commercial parlance the term is often used inclusively as a reference to the entire secured lending arrangement. The law of mortgages is notoriously complex. In a 1986 working paper relating to land mortgages, the Law Commission commenced thus:
A higher lending charge (HLC) is a charge made by mortgage lenders in the UK when the loan-to-value ratio of a mortgage is higher than they are prepared to accept at standard rates. Typically, HLCs are applied to loans in excess of 90% of the property value although, until the 1990s, the limit was usually 75%.
The affordability of housing in the UK reflects the ability to rent or buy property. There are various ways to determine or estimate housing affordability. One commonly used metric is the median housing affordability ratio; this compares the median price paid for residential property to the median gross annual earnings for full-time workers.
Northern Rock has been one of the top five mortgage lenders in the United Kingdom in terms of gross lending according to Council of Mortgage Lenders statistics. [56] As well as mortgages, the bank also deals with savings accounts and insurance.
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