Occasional Paper No. 57: Mortgage market disruptions

We use mortgage contracts data to look at mortgage trends linked to the coronavirus (Covid-19) crisis and compare them to the 2007-09 financial crisis.

Occasional Paper No. 57 (PDF)


This paper seeks to contribute to the debate on the economic consequences of coronavirus. We use data on all regulated residential mortgage contracts offered and originated in the UK to:

  • document the major trends in the residential mortgage market during 2020
  • highlight similarities and differences between the recent pandemic and the 2007-09 financial crisis 
  • provide a set of indicators that can be used to monitor and evaluate major developments in the mortgage market of any country


Philippe Bracke, Karen Croxson, Daoud Fakhri, Paolo Surico and Tommaso Valletti 


Occasional Papers contribute to the work of the FCA by providing rigorous research results and stimulating debate. While they may not necessarily represent the position of the FCA, they are one source of evidence that the FCA may use while discharging its functions and to inform its views. The FCA endeavours to ensure that research outputs are correct, through checks including independent referee reports, but the nature of such research and choice of research methods is a matter for the authors using their expert judgement. To the extent that Occasional Papers contain any errors or omissions, they should be attributed to the individual authors, rather than to the FCA.