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Mortgage lending at the Nationwide rises by 20%
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Nationwide Building Society has today announced that their yearly mortgage lending figures are at their greatest level since the financial crisis.
The full yearly results indicate that there has been a 23% increase in statutory profit, with this total standing at £1.279bn.
Mortgage increases
Further figures suggest that gross mortgage lending increased by 20% to hit £32.6bn. Net lending rose by 28% rise to £9.1bn, bringing their market share to 21.4%.
During the past twelve months, the Nationwide has lent to 57,200 first-time buyers, accounting for one-sixth of all cases.
What’s more, the Nationwide increased their maximum limits for mortgages from 75 to 85, giving it the highest age threshold of any lender on the high street.
Mortgage lending at the Nationwide rises
Testament
Nationwide chairman, David Roberts, said, ‘these results are a testament to always putting our members first. I would like to thank Graham Beale for his huge contribution to the Society which has left the business in great shape, prospering as a modern mutual and I wish him well for the future.’[1]
‘I am delighted to welcome Joe Garner as Nationwide’s new Chief Executive. Joe stood out as someone with a deep understanding of the sector, who has championed customer interest throughout his career and who will set the strategic direction for the Society and our people.’[1]
Mr Garner, newly appointed chief executive of the firm, added, ‘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.’[1]
[1] http://www.propertyreporter.co.uk/finance/gross-mortgage-lending-at-nationwide-soars-by-20.html
