§ Mr. Jim CousinsTo ask the Deputy Prime Minister pursuant to the answer to the hon. Member for Northavon (Mr. Webb) of 8 January 2003,Official Report, columns 271–72W, on new mortgage lending, what the figures are for the most recent available months. [137375]
§ Keith HillThe information is as follows.
Variable/Fixed rate lending
The estimated percentages of remortgages or further loans taken out in each of the past 12 months with an initial interest rate that was (a) variable and (b) fixed are shown in the following table. Also included, for comparison purposes, are the equivalent figures for new mortgages.
New mortgages for house purchase Remortgages or further loans Variable Fixed Variable Fixed 2002 October 77.3 22.7 92.5 7.5 November 71.0 29.0 89.8 10.2 December 80.7 19.3 94.4 5.6 2003 January 64.5 35.5 87.3 12.7 February 62.8 37.2 87.2 12.8 March 57.3 42.7 82.1 17.9 April 55.4 44.6 80.1 19.9 May 51.2 48.8 74.5 25.5 June 46.2 53.8 76.0 24.0 July 41.4 58.6 69.4 30.6 August 37.9 62.1 65.0 35.0 September 42.0 58.0 65.9 34.1 Source:
ODPM. Survey of Mortgage Lenders
It should be noted that loans taken out at an initial fixed rate of interest are likely to revert to a variable rate of interest after a fixed period of time, unless of course the borrower then chooses to remortgage (again) at another fixed rate of interest.
Transferred appeals with PINS Recovered appeals with PINS The Secretary of State appeals with ODPM Total number of appeals 11,238 182 61 Outstanding for three months 3,106 47 9 Further cases outstanding for six months 1,163 37 7 Further cases outstanding for a year or more 616 22 4