Santander UK’s gross mortgage lending up 29% in Q3
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Santander UK has seen a 29% increase in gross mortgage lending in Q3 of 2011.
The bank did gross lending of £7.1bn in Q3 of the year, compared to £5.5bn in Q2 2011 and £4.2bn in Q1 of 2011.
So far this year it has carried out £16.8bn in gross mortgage lending, compared to £19.2bn this time last year – a 13% decrease.
Its share of the gross mortgage lending market now stands at 16.5%, down from 19% the same time last year.
Net mortgage lending amounted to £0.6bn in Q3, up from £0.2bn in Q2 , with the average LTV 65%.
It says first half lending was impacted by a weaker pipeline from the last quarter of 2010 during which the market pricing became less attractive in the lower LTV segments of the market.
The bank also reported a pre-tax profit of £1.6bn for the first nine months of 2011, which is down 9% on the same period this year.
It says this is a result of higher regulatory and liquidity costs, and excluding those items its pre-tax profit would be up 10%.
The lender’s provisions totalled £376m for the first nine months of this year, down 40% on 2010’s £643m, which it puts down to an improvement in mortgage and unsecured related charges and improvements in arrears levels.
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