First-time Buyers

Nationwide mortgage lending up almost a third

Adam Williams
Written By:
Adam Williams

Nationwide grew its mortgage lending by almost a third in the 2013/14 financial year, its latest annual results have shown.

The UK’s biggest building society completed £28.1bn in mortgage lending during the year to 4 April 2014. This was 31% up on the previous 12 month period and represents 14.9% of all UK residential mortgage lending.

Net lending at the mutual was up by 52% to reach £9.9bn.

Nationwide is the biggest UK lender remaining outside the Help to Buy mortgage guarantee scheme but said it currently accounts for one-fifth of all first-time buyer mortgages. However, the lender does participate in the Help to Buy equity loan scheme in England, Scotland and Wales.

In addition, more than 45,000 of its customers are currently using the Save to Buy product to save up for a 95% mortgage with the society.

During its financial year Nationwide also saw a £4.9bn increase in savers’ deposits to reach £130.5bn, equal to a 12.1% share of the total savings market. More than 430,000 current accounts were opened during the financial year.

This boosted underlying pre-tax profit to £924m, up 113% from the £433m recorded a year earlier.