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Woolwich to increase lending by £5.5bn in 2009

Barclays has revealed today that it plans to increase its mortgage lending by £5.5bn in 2009, as part of its plans to lend an additional £11bn to UK households and businesses.

Last year Woolwich’s net mortgage lending was £12.5bn, with total mortgage balances at £82.3bn.

The bank says it is too early to give any specifics about any potential new mortgage products it may launch.

A spokeswoman for Barclays says: “Barclays has a strong commitment to the mortgage market in the UK as demonstrated by our increased market share in 2008 (up from 8% of net new lending in 2007 to 36% of net new lending in 2008) and that continues in 2009 with this commitment.

“We have continued to lend to homeowners and buyers throughout the last year and will continue to maintain a competitive mortgage range.”

Speaking at Barclays Annual General Meeting today, John Varley, chief executive Barclays Group says at a time when customers are seeking to cope with the economic downturn, and governments and supervisors are dealing with the effects of the financial crisis, it wants to do its part in getting credit to customers.

He says now is a good time to lend, in circumstances where the commercial and risk terms make sense to its customers and shareholders.

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