HBOS increases gross mortgage market share by 22%

HBOS estimates its gross market share of the mortgage market increased to 22% in the first six months of 2006, up from 21% in 2005.

The lending giants interim results also reveal gross mortgage lending was 35.2bn as of June 30 2006, up from 27.6bn from June 30 2005.

Net mortgage lending rose to 10.3bn, up from 6.9bn in the same period last year.

Andy Hornby, chief executive of HBOS, says: In the first half of 2006 we illustrated the value of prioritizing our growth in product areas that provide the most attractive returns.

This strategy saw us deliver strong growth in mortgages, investment and in our international operations.

In the balance of the year we will continue to priories growth in the product segments that provide the most attractive returns.

Nigel Stockton, managing director of HBOS Mortgage Intermediaries, adds:
“Were extremely pleased with the numbers.

“Our improved net share proves that were not reliant on any particular individuals – including my good self!

“We have very strong asset cover and are very confident about our multi-brand strategy, with intermediaries being the hub of our distribution.”