The value of gross mortgage advances made in the first quarter of this year came to £83.3bn, says the Bank of England, which is 26.5% higher than in Q1 2020.

This is the highest level seen since Q4 2007, when the value came to £86.6bn, the bank adds.

It also says that the outstanding value of residential mortgage loans at the end of this quarter rose 3.6% annually, totalling £1.6tn, and that the value of new mortgage commitments rose 15% within the same time frame, to £77.5bn.

In Q1 2021, the share of mortgages advanced with an interest rate lower than 2% above the bank rate was 59.1%, 5.7 percentage points lower than Q4 2020, and 13.3% lower than a year ago.

And the share with interest rates at 3% or more above the bank rate rose 3.9 percentage points across the quarter to 11.9%. A year ago, this stood at 7.95%.

Additionally, the share of mortgages advanced with an LTV of 90% or more in the first quarter of this year shrank from 1.2% last quarter to 1.1%. In Q1 2020, 5.2% of advanced mortgages were at this LTV.

The BoE says points out that this latest 90% LTV figure is the lowest seen since 2007.

Meanwhile, the value of outstanding balances with some arrears came to £15bn in Q1 2021, a rise of 5.1% over the quarter. This means that 0.96% of outstanding mortgages fall into this category.