View more on these topics

Nationwide announces record mortgage lending

Nationwide-Building-Logo-Closeup-700x450.jpg

Nationwide Building Society announced it had a record year for lending last year as it revealed new loans were up 20 per cent year-on-year.

Its annual results, published today, show it lent a record £32.6bn in the year to 4 April, up from £27.1bn in the previous year. This gives the mutual a market share of 13.4 per cent.

Net mortgage lending was up 28 per cent to £9.1bn over the same period.

The average LTV of Nationwide’s new lending was 69 per cent LTV, which is roughly what it was the year before. The average LTV of its book fell slightly from 56 to 55 per cent.

Its residential arrears fell from 0.49 per cent to 0.45 per cent over the period and are significantly lower than the Council of Mortgage Lenders’ average of 1.04 per cent.

Profit increased 30 per cent from £1bn to £1.3bn.

Nationwide chief executive Joe Garner said: “Nationwide has demonstrated that outstanding customer service is the most sustainable path to excellent business performance. It’s a credit to the management and people of the society that they have consistently understood this and organised Nationwide around this principle. As a result, last year we lent more money to help people into a home of their own than since before the financial crisis in 2007.

“More people are also choosing to manage their money with Nationwide, with over half a million new current accounts opened in the year. And our loyalty accounts and regular savings offering has led to an increase in member deposit balances of £6.3bn.

“It is my privilege to have been asked to lead an organisation which has consistently demonstrated that it is possible to be successful by doing the right thing. Our mutual status creates an ownership model that allows us to take a long term view and make decisions in the best interests of our members. This, and our talented people, is Nationwide’s strength and our opportunity.”

Recommended

Nationwide-Building-Logo-Closeup-700x450.jpg

Nationwide cuts fixed rates by up to 20bps

Nationwide is cutting rates on its fixed rate mortgages by up to 20 basis points from tomorrow. The reductions are being made on a range of two-, three- and five-year fixed rate deals at 85, 90 and 95 per cent LTV. At 95 per cent LTV, rates start at 3.99 per cent for a two-year […]

Jordan
1

Nationwide latest lender to hike maximum age limit

Nationwide has become the second major lender in a week to loosen its lending into retirement criteria. It will increase its maximum lending age by 10 years to 85 in July, giving it the highest age cap of all of the major high street lenders. Existing customers with retirement income will be able to borrow […]

Life cover for life

When someone mentions whole of life plans, most people will think of a niche product that serves as an inheritance tax planning tool for high-net-worth clients. And it’s really not surprising they’ve been pigeonholed in that waybecause before the arrival of RDR in 2013, that’s more or less exactly what they were. For advisers thinking […]

Health Shield logo - thumbnail

Health Shield launches new and improved health and wellbeing benefits

As part of its commitment to help even more companies improve employee wellness and productivity, award-winning health cash plan and wellbeing provider Health Shield has announced a raft of new and improved health benefits. From early diagnostics, detection and screening services to rehabilitation and the extension of home care support to parents, Health Shield’s range […]

Newsletter

News and expert analysis straight to your inbox

Sign up