Mortgage lending in the UK declined in 2023, with falling by 33 percent year-on-year in the second quarter of the year. In the second quarter of 2024, the value of new mortgage advances increased annually for the first time since the final quarter of 2024, reaching nearly 60.2 billion British pounds. That indicated an uptick in mortgage demand, possibly due to the much anticipated mortgage interest rate cuts.

Mortgage Approvals in the United Kingdom decreased to 65.02 Thousand in October from 65.65 Thousand in September of 2025. This dataset provides the latest reported value for - United Kingdom Mortgage Approvals - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Mortgage interest rates in the UK were on a downward trend for more than a decade before soaring in 2022. In the first quarter of 2025, the average weighted interest rate stood at **** percent — nearly ***** times the interest rate in the first quarter of 2022. Mortgage rates also vary depending on the type of mortgage: Historically, fixed rate mortgages with a shorter term had on average lower interest rates. What types of mortgages are there? In terms of the type of interest rate, mortgages can be fixed and variable. A fixed interest rate is simply a mortgage where the rate of repayment is fixed, while a variable rate depends on the lender’s underlying variable interest rate. Furthermore, mortgages could be for a house purchase or for refinancing. The vast majority of mortgages in the UK are fixed rate mortgages for house purchase, and only a small share is for remortgaging. How big is the UK mortgage market? The UK has the largest mortgage market in Europe, amounting to over ** billion euros in gross residential mortgage lending as of the fourth quarter of 2024. When comparing the total outstanding residential mortgage lending, the UK also ranks first with about *** trillion euros.

The FCA and the Prudential Regulatory Authority (PRA) both have responsibility for the regulation of mortgage lenders and administrators. They jointly publish the mortgage lending statistics every quarter. Since the beginning of 2007, around 340 regulated mortgage lenders and administrators have been required to submit a Mortgage Lending and Administration Return (MLAR) each quarter, providing data on their mortgage lending activities. Latest findings The outstanding value of all residential mortgage loans decreased by 0.1% from the previous quarter to £1,654.3 billion, and was 0.8% lower than a year earlier. The value of gross mortgage advances increased by 18.6% from the previous quarter to £62.2 billion, the first increase since 2022 Q3, but remained 27.6% lower than a year earlier. The value of new mortgage commitments (lending agreed to be advanced in the coming months) decreased by 16.5% from the previous quarter to £51.5 billion, and was 41.4% lower than a year earlier.

The 10 largest mortgage lenders in the United Kingdom accounted for approximately 83 percent of the total market, with the top three alone accounting for 48 percent in 2024. Lloyds Banking Group had the largest market share of gross mortgage lending, with nearly 47 billion British pounds in lending in 2024. HSBC, which is the largest UK bank by total assets, ranked fifth. Development of the mortgage market In 2024, the value of outstanding in mortgage lending to individuals amounted to 1.6 trillion British pounds. Although this figure has continuously increased in the past, the UK mortgage market declined dramatically in 2024, registering the lowest value of mortgage lending since 2015. In 2020, the COVID-19 pandemic caused the market to contract for the first time since 2012. The next two years saw mortgage lending soar due to pent-up demand, but as interest rates soared, the housing market cooled, leading to a decrease in new loans of about 100 billion British pounds. The end of low interest rates In 2021, mortgage rates saw some of their lowest levels since recording began by the Bank of England. For a long time, this was particularly good news for first-time homebuyers and those remortgaging their property. Nevertheless, due to the rising inflation, mortgage rates started to rise in the second half of the year, resulting in the 10-year rate doubling in 2022.

Home Loans in the United Kingdom decreased to 4273 GBP Million in October from 5223 GBP Million in September of 2025. This dataset provides - United Kingdom Mortgage Lending- actual values, historical data, forecast, chart, statistics, economic calendar and news.

The mortgage market in the UK declined in 2023, with the value of mortgage lending plummeting by nearly *** billion British pounds from the previous year. That was because of the dramatic increase in mortgage interest, which increased the cost of borrowing. In 2024, gross lending to individuals picked up slightly, reaching ****** billion British pounds.

The FCA and the Prudential Regulatory Authority (PRA) both have responsibility for the regulation of mortgage lenders and administrators. They jointly publish the mortgage lending statistics every quarter. Since the beginning of 2007, around 340 regulated mortgage lenders and administrators have been required to submit a Mortgage Lending and Administration Return (MLAR) each quarter, providing data on their mortgage lending activities. Latest findings The outstanding value of all residential mortgage loans decreased by 0.1% from the previous quarter to £1,657.6 billion, and was 1.1% lower than a year earlier. The value of gross mortgage advances decreased by 13.4% from the previous quarter to £54.0 billion, and was 33.8% lower than a year earlier. The value of new mortgage commitments (lending agreed to be advanced in the coming months) decreased by 6.6% from the previous quarter to £46.0 billion, and was 21.2% lower than a year earlier. If the onset of the Covid-19 pandemic is excluded, this was the lowest observed since 2013 Q1.

Data for households in receipt of Support for Mortgage Interest (SMI) loans is available in Stat-Xplore on a quarterly basis.

These quarterly experimental statistics include number of households who are currently in receipt of the support as well as the number who have received SMI loans so far. See the background information and methodology note for an explanation of households.

The statistics are broken down by:

• Quarter
• Country, Region
• Qualifying Benefit

Background information

Read the background information and methodology note for guidance on these statistics, such as timeliness and interpretation.

Interactive statistics

Find further breakdowns of these statistics on https://stat-xplore.dwp.gov.uk/webapi/jsf/login.xhtml">Stat-Xplore, an online tool for exploring some of Department for Work and Pensions (DWP’s) main statistics.

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We welcome all feedback on the content, relevance, accessibility and timing of these statistics to help us in producing statistics that meet user needs. For non-media enquiries on these statistics email: laura.parkhurst@dwp.gov.uk

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Next releases

Support for Mortgage Interest statistics are published quarterly. The dates for future releases are listed in the statistics release calendar.

Pre-release access

In addition to staff who are responsible for the production and quality assurance of the statistics, up to 24-hour pre-release access is provided to ministers and other officials. We publish the job titles and organisations of the people who have been granted up to 24-hour pre-release access to the latest Support for Mortgage Interest statistics.

The number of first-time buyer mortgage sales, by UK local authority, collected by the Financial Conduct Authority (FCA).

The total monthly number of mortgage approvals for the purpose of a house sale in the UK plummeted in 2020 during the COVID-19 pandemic, followed by a spike in the second half of the year. In 2021, interest rates started to rise, resulting in a decline in the volume of mortgage approvals. In October 2025, mortgage approvals for home purchases totaled ******, while remortgage approvals stood at around ******. Being approved for a mortgage is one of the first steps in purchasing a home, which makes it an early indicator of the development of transaction volumes. However, a mortgage approval does not necessarily mean that a sale is going to take place, as home buyers need to undergo several other steps to complete the sale: conveyancing, or the process of transferring the legal title of the property from the seller to the buyer, a property survey, contract exchange, and closing.

According to the forecast, the total value of mortgage lending in the United Kingdom (UK) will reach 207 billion British pounds by 2025. House purchases by homeowners comprise the largest share of lending. In 2025, these types of mortgages are expected to reach 123 billion British pounds.

The average value of mortgage loans granted in the UK since 2016 ranged between ******* British pounds and ******* British pounds. In the third quarter of 2024, the average mortgage loan amounted to nearly ******* British pounds - the second-highest figure on record after the third quarter of 2022. The overall increase in the average value of mortgages granted can be explained by the accelerated increase in house prices since the outbreak of the coronavirus (COVID-19) pandemic.

In 2024, mortgage lending by the 10 largest lenders in the United Kingdom (UK) amounted to over ****billion British pounds. Lloyds Banking Group topped the list for mortgage lending, with approximately ** billion British pounds in gross lending. Nationwide BS and NatWest Group completed the top three mortgage lenders with roughly ***billion and ** billion British pounds in gross lending, respectively.

The FCA and the Prudential Regulatory Authority (PRA) both have responsibility for the regulation of mortgage lenders and administrators. They jointly publish the mortgage lending statistics every quarter.

Since the beginning of 2007, around 340 regulated mortgage lenders and administrators have been required to submit a Mortgage Lending and Administration Return (MLAR) each quarter, providing data on their mortgage lending activities.

Latest findings

• The outstanding value of all residential mortgage loans increased by 0.4% from the previous quarter to £1,660.9 billion, and was 0.3% higher than a year earlier.

• The value of gross mortgage advances increased by 16.7% from the previous quarter to £60.2 billion, the first increase since 2023 Q3, and was 15.5% higher than a year earlier.

• The value of new mortgage commitments (lending agreed to be advanced in the coming months) increased by 11.3% from the previous quarter to £66.9 billion, and was 12.5% greater than a year earlier.

The FCA and the Prudential Regulatory Authority (PRA) both have responsibility for the regulation of mortgage lenders and administrators. They jointly publish the mortgage lending statistics every quarter.

Since the beginning of 2007, around 340 regulated mortgage lenders and administrators have been required to submit a Mortgage Lending and Administration Return (MLAR) each quarter, providing data on their mortgage lending activities.

Latest findings

• The outstanding value of all residential mortgages loans was £1,499 billion at end-2019 Q4, 3.8% higher than a year earlier.
• The value of gross mortgage advances was £73.4 billion, broadly unchanged in comparison to 2018 Q4.
• The value of new mortgage commitments (lending agreed to be advanced in the coming months) was 4.0% higher than a year earlier, at £70.6 billion.

Extended broker experience dataset including structured CX metrics such as ease, speed, communication, and reasons for brand choice on top of the core review text, ratings, and brand/case identifiers. Broker demographics included. Designed for benchmarking, market research, and trend analysis.

Mortgage repayments as a percentage of monthly equivalised disposable household income, throughout the house price and income distribution.