Wednesday 23 May 2012
Nationwide has released figures showing a 44% increase in gross mortgage lending.
The lender provided £18.4 billion from the year up to 4 April 2012 helping 24,000 people to purchase their first property, marking a 9% increase from the previous year.
Despite positive mortgage figures, the bank’s profits dropped from £317 to £203 million due to numerous one off payments such as £75 million for the Financial Services Compensation Scheme, the bank levy and £61 million for restructuring measurements.
Chief Executive at Nationwide, Graham Beale commented on mortgageintroducer.co.uk that: “The key strategic delivery in the past year has focussed on growth across all of our principal product lines. We have bucked market trends by increasing our gross lending by 44% to £18.4bn demonstrating our commitment to supporting growth in the economy as well as meeting the needs of borrowers, especially first-time buyers.”
“Our plan for the forthcoming year is to do more of the same, to focus on the needs of our members and customers, to play our role in supporting the UK economy and to continue to invest to deliver improved levels of service, efficiency and product choice.”