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Abbey took 28% of net mortgage lending in 2008

Abbey revealed last week that it had a thumping 28% share of net mortgage lending in 2008.

The Council of Mortgage Lenders says there was a total of £40bn net mortgage lending in 2008 and that Abbey accounted for £11.1bn. Its loan book over the year grew by 43% to £180bn, with Santander’s take-over of Alliance & Leicester accounting for £51.6bn of this.

Combined with its purchase of Bradford & Bingley’s deposit busi-ness and branches, Santander says its acquisitions now give it a market share of 10% in deposits and 13% in mortgages in the UK.

It posted an annual UK profit of £991m for 2008 – a rise of 21% from 2007. Capital ratios also remain strong, with the banking giant recording core capital of 7.23%.

In a statement Santander says: “These results should be set against a difficult economic backdrop and come at a time when many global financial institutions in Santander’s peer group have registered losses and required public support.”


Changes at the top in Intrinsic reshuffle

Kevin Ronaldson, chief executive of Intrinsic Financial Services, has taken on the role of deputy chairman of the IFA network, with chairman Sandy Leitch promoted to the position of executive chairman.

The end of price sensitivity

Frank Rohde and Dr Robert L Phillips of Nomis Solutions argue that today’s home buyers understand they will have to shop around for their mortgages, and that price sensitivity is a thing of the past

Xit2 launches arrears management portal

Xit2, the property and mortgage outsourcing specialist, is launching an arrears management product. The Xit2 Arrears Management Portal helps mortgage lenders and debt counsellors carry out detailed and verified assessments of borrowers’ current financial situations. Lenders can also manage panels of counsellors using edge online software.The web-based platform will help lenders give borrowers support and […]


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