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Gross mortgage lending at Nationwide soars by 20%

Nationwide Building Society has announced this morning that lending figures at the society are at their highest levels since the financial crisis.

According to the full year results, there has been a 23% rise in statutory profit to £1.279bn.

Gross mortgage lending rose 20% to £32.6bn while net lending saw a 28% increase to £9.1bn – bumping their market share up to 21.4%.

Over the past year the Society has lent to 57,200 first time buyers – a sixth of all cases, according to its statistics.

Nationwide recently increased the maximum limit for mortgages from 75 to 85, giving it the highest age threshold of any high street lender.

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. 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.”

Chief executive Joe Garner 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.”

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BDC 314 : Mar 2024