A decade of FCA mortgage data has been revealed to show trends in mortgage lending, covering the financial crisis and its aftermath.
The data shows a healthy recovery for the first-time buyer market after a slump following 2008, increased mortgage terms to over 25 years and an increased popularity of fixed rate loans.
Mortgages with a term longer than 25 years accounted for 17% of all loans in 2007, but in 2016 this increased to 39%, with around half of the terms being 30 years in length.
The average first time buyer loan has increased in value by 20%, from £135,000 in 2007 to £161,600 in 2016, with the biggest increase seen in Greater London (39%).
According to the FCA, the number of first-time buyers in 2016 was 7% lower than in 2007 but 69% higher than in 2008 - the aftermath of the credit crunch.
In 2007, 32% of new loans were interest-only but this has steadily declined to sit at only 4% in 2016.
Fixed rate mortgages have also increased in popularity over the period. In 2016 these accounted for 89% of new loans, compared to 73% in 2007.
Original source and full report - https://www.fca.org.uk/publication/data/data-bulletin-issue-11.pdf