View more on these topics

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.



Escape route

Many existing borrowers are trapped on their mortgage by tighter lending criteria, interest-only restrictions and falling house prices. Our experts try to find ways out for them

Rock to cost taxpayers around £2bn

The taxpayer could lose about £2bn once the assets of Northern Rock Asset Management are wound down, the National Audit Office estimates. After its collapse in 2009 the bank was split into Northern Rock plc – the good bank – and NRAM – the bad bank. Amyas Morse, head of the NAO, says: “A prompt […]

UK: mid-year review and outlook

By Mark Martin, manager of the Neptune UK Mid Cap Fund, and Scott MacLennan, manager of the Neptune UK Opportunities Fund H1 2014• Equity markets continued to show strength: despite a strong rally in 2013 driven by a market-wide re-rating, equity markets continued to generate positive returns for investors. Economic activity continued to be stimulated […]


News and expert analysis straight to your inbox

Sign up
  • Post a comment
  • 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.