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Santander wrote one in five UK mortgages in Q3

Spanish banking giant Santander wrote one in five UK mortgages in Q3 and increased its UK profits by 13% to £1.3bn.

The bank had gross mortgage lending of £6.9bn, taking the total for the year to £19.2bn.

Santander, which owns Abbey and the rebranded Alliance & Leicester and Bradford & Bingley brands, has a 14% share of the market.

In the UK, mortgage residential lending increased by 5%.

Overall, the bank saw a drop in profits in Q3 of 13% to 1.8bn. The fall is down to new Spanish banking rules on bad loan provisions, which means its 2010 profit is expected to be below forecasts. Overall, provisions for bad debts for the nine months were £410m – £63m more than it estimated at the end of July.

Last week Abbey launched a two-year tracker at 2.29% and a two-year fixed rate at 2.99% both at 60% LTV with a £995 fee.


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