Mortgage rates plummet to lowest level on record
The overall average interest rate on total amounts outstanding decreased to 3.17% in Q2 2015, the lowest since the series began in 2007.
The figures also showed mortgage gross advances were up 15.1% quarter-on-quarter this year.
Mortgage lending increased from £47.2bn in Q1 to £59.3bn in Q2, an 11% increase on 2014, of which 79% were fixed rate loans, an increase of 1% since the first quarter.
First-time buyers borrowed £10.8bn, an increase from £8.9bn last quarter, but falling from figures recorded in Q2 2014. Meanwhile, buy-to-let lending rose from £7bn in 2014 to £8.3bn in Q2 2015.
Arrears were 5.5% lower than in Q1 2015 and was the lowest since the series began in 2007.