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Nationwide’s gross lending up 44%

Nationwide increased its gross lending by 44% in the twelve months to April 4 2012, to reach £18.4bn, up from £12.8bn in 2011.

It helped over 24,000 first-time buyers during the year, a 9% increase on last year .

Group residential mortgage accounts more than three months in arrears were 0.73%, also slightly down from 0.77% in 2011.

It has maintained its Base Mortgage Rate pledge, which means many borrowers have reverted to a rate capped at 2% above the Bank of England’s 0.5% base rate.

The lender estimates this has cost it £750m so far, meaning each customer has benefited by around £1,000.

The lender also increased its buy-to-let lending to £4.4bn during the year, up from £3bn in 2011.

Overall, Nationwide’s underlying profits rose by 10% to £304m in the year.

Its results were hit by a £103m charge for complaints relating to the mis-selling of PPI. It has seen complaints about PPI quadruple in the last six months.

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  • charlotte Dean 25th May 2012 at 12:16 pm

    @ Anonymous 4.31 Erm, that’s why they withdraw their products quickly….

  • Tom Cleary 23rd May 2012 at 4:31 pm

    Imagine how much more business they might have had if they gave us more than 50 minutes notice when they withdraw a product??

  • michael white MD Boutique Capital 23rd May 2012 at 11:43 am

    Well done Nationwide…. The actions of a true mutual.