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Barclays’ mortgage lending rose 10% in 2012

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Barclays, the third biggest UK mortgage lender, advanced

To year-end 2012, the bank increased its mortgage market share from 12.1% to 12.8%, its largest ever slice of the market, lending one in eight mortgages in the UK.

Net new lending totalled £7.2bn, totalling 945,000 accounts, up 10% from £6.5bn in 2011. The results also showed first-time buyer lending rose 7% supported by the government’s NewBuy and FirstBuy Schemes.

Remortgaging also rose, with the bank lending one in four UK remortgages in 2012. In September alone, remortgage applications rose by 16%.

Andy Gray, managing director for Mortgages at Barclays, said: “With one in eight mortgages coming from Barclays, this demonstrates how we are helping people to move, remortgage or take their first step onto the housing ladder. We will continue our commitment to helping more buyers across both intermediaries and directly through our branch network this year.”

The average loan-to-value (LTV) of Barclays’ mortgage portfolio was 46% and the average LTV of new mortgage lending was 56% on residential mortgages.

Mortgage lending and Barclaycard were the banks’ success stories last year, where performance was held back by Barclays’ global investment banking arm.

The bank plans to cut 3,700 jobs in 2013 following a strategic review as profits plunge due to mis-selling claims.

Pre-tax profit at the bank fell to £246m in 2012, down from £5.9bn a year ago.
Barclays currently employs 140,000 staff worldwide.

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