The key statistics revealed are as follows:
The total value of outstanding loans in Q3 2008 is £1,194bn, an increase of 5% compared to a year earlier. But quarterly growth continues to slow, with a Q3 2008 increase of just 0.5% on Q2 2008.
New lending peaked in Q3 2007 at £102bn before declining to £61bn in Q3 2008, leaving gross lending 15% lower in the quarter, and 41% lower than a year earlier.
Loans to borrowers with an impaired credit history represented 1.5% of new lending in Q3 2008, compared to 3.5% a year earlier.
While the number of new arrears cases had stayed constant at around 54,000 each quarter since early 2007, the results for Q3 2008 show an increase of 10% to 60,000 cases.
With borrowers increasingly struggling to clear their arrears, the total number of loan accounts in arrears has been steadily increasing since early 2007. At the end of Q3 2008 there were 340,000 loan accounts in arrears, an increase of 10% since Q2, 2008 and a rise of 24% on a year earlier.
The proportion of the residential loan book that is in arrears, and hence not fully performing, rose to 2.92% at end Q3 2008, up 0.37% in the quarter and up 0.79% on a year earlier.
Numbers of new possessions have grown significantly since Q3 2007, with 13,161 new cases in Q3 2008 - 92% higher than a year earlier.
The mortgage data is compiled from Mortgage Lending Administration Returns provided by regulated firms. It covers information on residential mortgage lending and some non-regulated business, i.e. buy-to-let and second charge mortgages. This information is published quarterly.
