The total value of all outstanding residential mortgage loans hit £1.65tn at the end of Q2 2022, says the Bank of England (BoE).

This is 3.8% more than recorded a year ago, when the outstanding value came to £1.59tn.

And the value of gross mortgage advances by the end of the second quarter of this year was £77.9bn – 12.6% lower than in the same period for 2021.

Meanwhile, the value of new mortgage commitments shrunk by 2.6% in the year to £83.9bn.

Among this data, the report also shows that talk of appetite for buy-to-let (BTL) mortgages weakening may be misguided: the share of gross advances for BTL grew 2.2 percentage points over the year to 13.6%, which is the biggest slice taken for this purpose since Q2 2022.

For owner occupiers, the share of gross advances for remortgages was 27%, which is 10.5 percentage points more than last year, and the share for house purchases was 52.4%, which is 14 percentage points less than last year.

On a monthly basis, the reading for these two metrics dropped 2 percentage points and rose 1.7 percentage points, respectively.

Regarding first-time buyers, at 52.4% of advances for house purchases, the share dropped by 2.2 percentage points compared to last year but grew 1 percentage point over the month.

The value of outstanding mortgages in arrears was £13.2bn in Q2 2022, which is 7.2% less than a year ago, and the lowest seen since 2007, when the BoE started to log this data.

Likewise the proportion of balances with arrears, recorded at 0.80%.