Barclays reports 10% fall in gross mortgage lending
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Barclays has reported gross new mortgage lending of £7.6bn for the first half of 2011, down on the £8.5bn it did in the first six months of 2010, approximately a 10% fall.
This marks a 12% share of the gross mortgage market by value, compared to 14% in the same period last year.
Barclays has today announced pre-tax profits of £2.6bn for the first six months of the year, down 33% from the same period last year.
However, this includes a £1bn charge for settling claims of mis-selling of payment protection insurance.
It saw average mortgage balances grow 6%, with its mortgage balances now at £103.9bn, up from £101.2bn as of December 31 2010, marking a 9% share by value of the market, up from 8% in December 2010.
However, It saw net mortgage lending of £2.7bn in the first six months of the year, down from £3.3bn in the same period last year.
It slightly increased the LTV on its new mortgage lending to 53%, up from 51% in the same period last year.
The bank has also set aside a mortgage impairment charge of £23m, up from £16m in the same period last year.
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Readers' comments (7)
Dazed & Confused | 2 Aug 2011 9:27 am
Maybe, just maybe it is because their Intermediary market are fed up to the back teeth with their poor levels of service, BDM's who don't get back to you, 'underwriters' who are still wet behind the ears...shall I go on?
They actually make the Halifax seem efficient!
All of course in my own humble opinion!!
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Anonymous | 2 Aug 2011 10:18 am
I couldn't agree more. Absolutely appalling service, no wonder no one wants to use them.
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Anonymous | 2 Aug 2011 10:37 am
Applying for a mortgage with these guys is 'rocket science'.
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Anonymous | 2 Aug 2011 10:58 am
i don't have a problem with them. My last 6 cases have all gone through smoothly. I guess it depends on how well the case is packaged
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Dazed & Confused | 2 Aug 2011 12:07 pm
Anonymous @ 10.58... All I can say is that you MUST have been exceptionally lucky! The last case I submitted to this shambles, even the BDM (when she finally deigned to get back to me!)agreed that everything that should have been there was there and why the underwriters were dragging their heels with what should have been a straightforward 'bread and butter' case had taken nearly 5 weeks to clear underwriting was beyond her.
If you are not having any issues with them, all I can say is you MUST be amongst a small minority!
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Tom Cleary | 2 Aug 2011 2:17 pm
Their MAX system is clunky but once you are familiar with it, it does get easier to navigate. If the case is well packaged, it shouldn't touch the sides. The problem begins when humans get involved!? Our BDM is fantastic. She is very knowledgeable and ALWAYS returns calls.
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Anonymous | 21 Oct 2011 8:12 pm
Barclays have got to be the worst underwriters in the market. My current appliacation has been ping ponging around india for four weeks. Everytime you chase them you get the same answer "next 24 hrs you should hear something" but you never seem to get anywhere.
Barclays you need to sort out your mortgage service centre big style.
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