HC Deb 11 November 2003 vol 413 cc256-7W
Mr. Jim Cousins

To 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 Hill

The 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