From 1st July the Council of Mortgage Lenders is integrated into a new trade association, UK Finance. For the time being, all UKF mortgage information will continue to be published on this website, and UKF member-only mortgage information will only be available here.

UK Finance represents around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation takes on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association. Please go to www.ukfinance.org.uk for wider content and updates from UK Finance.

  1. Home
  2. News
  3. Press releases
  4. Northern Ireland first-time buyer lending up 6% in fourth quarter

Northern Ireland first-time buyer lending up 6% in fourth quarter

Published: 24 February 2016

New data from the Council of Mortgage Lenders released today reveals lending in Northern Ireland for house purchase and remortgage increased in the fourth quarter 2015, both on the third quarter and compared to the same period the previous year.

Lending in the fourth quarter 2015:

  • Home-owner house purchase activity increased to 3,700 loans - up 6% on the third quarter and 3% on the fourth quarter in 2014. These loans were worth £380m, up 3% quarter-on-quarter and the same period in 2014.
  • First-time buyers took out 2,100, worth £190m, up 5% by volume and 6% by value compared to the third quarter and up 5% by volume and 12% by value compared to the fourth quarter 2014. 
  • Home movers took out 1,600 loans, up 7% quarter-on-quarter and unchanged on the same quarter 2014. These loans were worth £190m, unchanged quarter-on-quarter and year-on-year.
  • The number of loans for remortgage totalled 1,800 loans, up 6% on the third quarter and 50% on the same quarter in 2014. These loans were worth £190m, up 12% quarter-on-quarter and 58% year-on-year.     

Lending in 2015:

  • Annual home-owner house purchase loans totalled 13,100, worth £1.3bn, up 2% by volume and 5% by value on 2014.
  • First-time buyers took out 7,400 loans, worth £660m, down 1% year-on-year by volume but up 6% by value.
  • Home movers took out 5,600 loans, up 2% compared to 2014. This was worth £680m, up 8% by value year-on-year.
  • Remortgage lending totalled 6,800 loans, up 45% on 2014. The value of these loans increased 57% year-on-year to £690m.   

Derek Wilson, CML chair for Northern Ireland, commented:

Northern Ireland home lending this quarter rose to its highest level since mid-2007 and it is welcome to see more first-time buyers purchasing their first home in this period than any other quarter since 2006.While supply issues persist, the wider availability of funding options in the market and housing affordability better than the UK overall, we’d predict this upward trend to continue into the new year.

Remortgage activity, which has been static for a number of years, has finally seen a resurgence in 2015, albeit from a low base after activity declined greatly post-recession. It's now at its highest quarterly volume since 2011.   
  

Chart 1: Loans for house purchase and remortgage by value in Northern Ireland

 20160224 N Ireland Q4 2015 chart one

Source: CML Regulated Mortgage Survey (April 2005 onwards), CML Economics

Download data

Chart 2: Number of loans for house purchase and proportion of FTBs and home-movers in Northern Ireland

 20160224 N Ireland Q4 2015 chart two

 Source: CML Regulated Mortgage Survey (April 2005 onwards)

Download data

Table 1: Fourth quarter lending for home-owner house purchase and remortgage

 

Number of house purchase loans

Value of house purchase loans, £m

Number of remortgage loans

Value of remortgage loans, £m

Fourth quarter 2015

3,700

380

1,800

190

Change compared to third quarter 2015

+5.7%

+2.7%

+5.9

+11.8%

Change compared to fourth quarter 2014

+2.8%

+2.7%

+50.0%

+58.3%

Source: CML Regulated Mortgage Survey (April 2005 onwards)

Table 2: Fourth quarter first-time buyer lending and affordability measures

 

Number of   loans

 

Value of   loans £m

 

Loan size   (£)

Income (£)

Loan-to-value

Loan-to-income

Interest   payment as % of income

Capital   and interest payment as % of   income

Fourth quarter 2015

2,100

 

190

 

86,750

30,399

85.0%

2.80

8.7%

15.7%

Third quarter 2015

2,000

+5.0%

 180

+5.6%

85,450

30,570

85.0%

2.76

9.1%

15.9%

Fourth  quarter 2014

2,000

+5.0%

170

+11.8%

80,955

29,590

85.0%

2.74

10.7%

17.0%

Source: CML Regulated Mortgage Survey (April 2005 onwards)

Table 3: Fourth quarter home mover lending and affordability measures

 

Number of   loans

 

Value of   loans £m

 

Loan size   (£)

Income (£)

Loan-to-value

Loan-to-income

Interest   payment as % of income

Capital   and interest payment as % of   income

Fourth  quarter 2015

1,600

 

190

 

108,750

45,992

75.5%

2.41

6.2%

15.1%

Third quarter 2015

 1,500

+6.7%

190

No change

108,195

45,956

75.3%

2.46

6.3%

15.0%

Fourth quarter 2014

 1,600

No change

190

No change

105,600

44,880

75.0%

2.42

7.9%

16.0%

Source: CML Regulated Mortgage Survey (April 2005 onwards)

Chart 3: Number of home-owner remortgage loans in Northern Ireland

 20160224 N Ireland Q4 2015 chart three

Source: CML Regulated Mortgage Survey (April 2005 onwards)

Download the data

Notes to editors

1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 95% of all residential mortgage lending in the UK. There are 11.1 million mortgages in the UK, with loans worth over £1.3 trillion.

2. Source: CML Regulated Mortgage Survey

3. The Council of Mortgage Lenders does not publish statistics for mortgage approvals. The data in our monthly Regulated Mortgage Survey and gross lending press releases relate to mortgage advances only. A mortgage approval is the firm offer to a customer of a specific amount of credit secured against a particular property. A mortgage advance is the total amount of loan actually provided to the buyer, by the lender. Please see the mortgage statistics timeline on our website for further information.

4. Data for the first quarter of 2016 will be released on Wednesday 25 May 2016.

Contact us

Gareth Hill

020 7438 8922

Sue Anderson

020 7438 8923

Bernard Clarke

020 7438 8924