RBS increases gross mortgage market share to 14%

6 May 2011 | By Natalie Thomas

Royal Bank of Scotland has reported losses of £528m for Q1 2011, but an increase in its gross mortgage market share to 14%, compared to Q4 2010.

The bank has not revealed its gross mortgage lending figures for Q1 , but says its market share of new mortgage lending increased to 14% in the quarter, above the group’s 8% share of stock.

Net mortgage lending was £1.4bn above target at £9.4bn.

The bank says its lending volumes showed signs of recovery in the quarter, with more new mortgages written at lower LTV ratios.

Mortgage impairment losses were £61m on a total book of £93bn.

The residential mortgage portfolio across Ulster Bank Group totalled £21.5bn at 31 March 2011 - with 90% in the Republic of Ireland and 10% in Northern Ireland.

At 31 March 2011, the arrears rate was 6.6% by volume compared with 6.0% at 31 December 2010.

The impairment charge for Q1 2011 was £233m compared with £159m for Q4 2010.

Repossession levels remain low totalling 37 properties at 31 March 2011, 78% of repossessions during the quarter were through voluntary surrender or abandonment of the property.

At 31 March 2011, 7.4% by value of Ulster’s mortgage book £1.6bn was on forbearance arrangements, the majority of these are performing 77% and not 90 days past due.

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