HBOS market share rises to 22%

HBOS’ gross market share in the mortgage market increased to 22% in the first half of 2006 – a 1% in- crease on last year’s figures, its interim results reveal.

The results also show gross mortgage lending was 35.2bn as of June 30 this year, more than 7bn up on the same time last year.

Nigel Stockton, managing director of HBOS Mortgage Intermediaries, says: “We’re pleased with these numbers. Our improved net share proves we’re not reliant on any individuals – including myself.”

HBOS brand The Mortgage Business saw a whopping 87% rise in applications. Gross advances were up 57%, with June being the biggest month of applications ever at 665m.

Staff numbers have increased by 20% to 240 since managing director Nigel Payne took over last Sept-ember, and are expected to rise by another 10% by the end of the year.

Payne says: “Out of the whole HBOS group we had the furthest to travel. Now we’ve got a team that is focussed on its target market and that strategy is driven throughout the team.

“My frustration in the first six months of this year was that we could do more. There is still much to do so our growth will continue.”