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L&G launches mortgage index

A new quarterly mortgage purchase index has been launched by loans lender Legal & General.

The firm will now provide figures on how popular various types of loans are, as well as typical loan to value rates.

Legal & General's first index report showed that, over the past quarter, 57 per cent of residential mortgage loans were for fixed rates.

In the buy-to-let sector, this figure dropped to 35 per cent.

Loan to value rates for residential mortgages was 66 per cent - compared to 76 per cent for new landlords.

Director of housing at Legal & General Stephen Smith said: "There is a distinct difference in attitude to risk between residential and buy-to-let borrowers.

"Owner-occupiers continue to require the peace of mind that a fixed rate mortgage provides, whereas landlords feel more comfortable on variable rates."

The insurer gathers data for its index through applications to its Mortgage Club.

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